An air conditioning and heating repair firm conducted a study to determine if th

Question

An air conditioning and heating repair firm conducted a study to determine if the average outside temperature, thickness of the insulation, and age of the heating equipment could be used to predict the electric bill for a home during the winter months in Shreveport, Louisiana. The resulting regression equation was: ^ Y = 256.89 - 1.45X1 - 11.26X2 + 6.10X3, where Y = monthly cost, X1 = average temperature, X2 = insulation thickness, and X3 = age of heating equipment If December has an average temperature of 45 degrees and the heater is 2 years old with insulation that is 6 inches thick, what is the forecasted monthly electric bill for December? Must compute in 2 dec pl.

Explanation / Answer

Y = 256.89 - 1.45X1 - 11.26X2 + 6.10X3

In December x1 =45, x3 =2, x2 = 6 inches

Substitute to get

Y for Dec = 256.89-1.45(45)-11.26(6)+6.10(2)

=136.28

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