Compute b 1 and b 0 (to 2 decimals if necessary). b 1 b 0 Complete the estimated

Question

Compute b1 and b0 (to 2 decimals if necessary).
b1  
b0  

Complete the estimated regression equation (to 2 decimals if necessary).
=  +  x

What is the variable cost per unit produced (to 1 decimal)?

Compute the coefficient of determination (to 4 decimals). Note: report r2 between 0 and 1.
r2 =  

What percentage of the variation in total cost can be explained by the production volume (to 2 decimals)?
%

The company's production schedule shows 500 units must be produced next month. What is the estimated total cost for this operation (to 2 decimals)?
$

Explanation / Answer

Using technology, we get              
              
slope = b1 =   7.6   [ANSWER]  
intercept = b0 =   1246.666667   [ANSWER]

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Thus, the regression line is              
              
y^ =    1246.666667 + 7.6 x    [ANSWER]

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What is the variable cost per unit produced (to 1 decimal)?

$ 7.6 [ANSWER]

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Also, getting the correlation,              
              
r =    0.979127101          
              
Thus, the coefficient of determination is              
              
r^2 =    0.9587   [ANSWER]

****************************

It is 95.87% [ANSWER]      

*********************************

              
Thus, if x =    500          
              
Then              
              
y^ =    5046.67 [ANSWER]

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