Given a one independent variable linear equation that states cost in $K , and gi

Question

Given a one independent variable linear equation that states cost in $K , and given the following information, calculate the coefficient of variation and determine it's meaning. n=8 E(Y-Y^) =6874 Y=314.375 If we used this equation, we could typically expect to be off by +/- 29.31% If we used this equation we could tpically expect to be off by +/- 10.77 % If we used this equation we could typically expect to be off by +/- 33.85 % If we used this equation we could typically expect to be off by +/- 9.32 %

Explanation / Answer

y=a/1000*x+c/1000 where x = the number of units a= cost in dollars per unit c = fixed cost in dollars y is the cost to produce x units Coefficient of Variation Cv = Standard Deviation / Mean

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