Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Production costs for the large number of previous orders of varying sizes for product are in file production.xls. An analyst evaluates the production cost per unit in each order and averages these to get $50. Using this he gives the cost estimate of $21,000 for new order for 500 units. is this the reasonable cost estimate? Describe why or why not looking at the data in file, can you give the better cost estimate?

Order size units Cost($)
983 51275
798 40808
527 38195
1049 49989
780 37299
831 55707
857 13168
1316 58135
1737 76111
1511 65020

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M921655

Have any Question? 


Related Questions in Statistics and Probability

The state police are trying to crack down on speeding on a

The State Police are trying to crack down on speeding on a particular portion of the Massachusetts Turnpike. To aid in this pursuit, they have purchased a new radar gun that promises greater consistency and reliability. ...

Goofys fast food center wishes to estimate the proportion

Goofy's fast food center wishes to estimate the proportion of people in its city that will purchase its products. Suppose the true proportion is 0.07. If 475 are sampled, what is the probability that the sample proportio ...

A caterer is competing for a companys business the caterer

A caterer is competing for a company's business. The caterer randomly selects a past client and submits a tasting menu consisting of all the dishes prepared for the past client. What type of sample is this? A college fac ...

A spinoff of the anti-war and civil rights movements of the

A spinoff of the anti-war and civil rights movements of the 1960s that affected women was? increased desire to return to the security of homes and families decreased political involvement. the birth of the women's libera ...

Exercises -81- for each of the following pairs explain why

Exercises - 8.1- For each of the following pairs, explain why you believe that they are positively related, negatively related, or essentially unrelated. If they are related, identify the dependent variable. a. The cost ...

During a certain week the mean price of gas was 2709 per

During a certain week the mean price of gas was $2.709 per gallon. A random sample of 35 gas stations is drawn from this population. What is the probability that the mean price for the sample was $2.697 and $2.716 that w ...

Starting in the 10th century movements to reform the church

Starting in the 10th century, movements to reform the church began. Why was the church in need of reform, and what were the consequences of the Gregorian Reforms? How did these reforms change society? 1 and a half page e ...

There are 1000 students in a high school among the 1000

There are 1000 students in a high school. Among the 1000 students, 150 students take AP Statistics, and 300 students take AP French. 100 students take both AP courses. Let S be the event that a randomly selected student ...

Use the inverse transform method to generate a sample of

Use the inverse transform method to generate a sample of the exponential distribution with parameter θ, which is given by its density             1/θe -x/θ   for x ≥ 0 f(x) =             0             for x where θ is a ...

Problem 1 a menu offers a choice of 3 salads 8 main dishes

Problem 1. A menu offers a choice of 3 salads, 8 main dishes, and 5 desserts. How many different meals consisting of one salad, one main dish, and one dessert are possible? Problem 2. Wing has different books to arrange ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen