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## Statistics

Deriving the regression equation, testing the model fit and obtains confidence interval for estimated values.

The Apex Corporation produces corrugated paper. It has collected monthly data from January 2001 through March 2003 on the following two variables:

y, total manufacturing cost per month (in thousands of dollars) (COST)

x, total machine hours used per month (MACHINE)

Data shown below: make any analysis necessary to answer the following problems:

1. What is the approximate regression equation relating y to x?
2. What percentage of the variation in y has been describeed by the regression?
3. Are y and x linearly related? Conduct a hypothesis test to answer this problem and use a 5% level of significance. State the hypotheses to be tested, the decision rule, the test statistic, and your decision. What conclusion can be drawn from the result of the test?
4. Apply the equation developed to estimate the average manufacturing cost in a month with 350 machine hours. Find a point estimate and a 95 percent confidence interval estimate. How reliable do you believe this forecast might be?
5. Employ the equation developed to estimate the average manufacturing cost in a month with 550 machine hours. Find a point estimate and a 95 percent confidence interval estimate. How reliable do you believe this forecast might be?

 COST MACHINE 1102 218 1008 199 1227 249 1395 277 1710 363 1881 399 1924 411 1246 248 1255 259 1314 266 1557 334 1887 401 1204 238 1211 246 1287 259 1451 286 1828 389 1903 404 1997 430 1363 271 1421 286 1543 317 1774 376 1929 415 1317 260 1302 255 1388 281

Statistics and Probability, Statistics

• Category:- Statistics and Probability
• Reference No.:- M922907

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