. The cost of manufacturing a lot of a certain product depends on the lot size,
ID: 3150764 • Letter: #
Question
. The cost of manufacturing a lot of a certain product depends on the lot size, as shown by the following sample data:
Cost ($)
30
70
140
270
530
1,010
2,500
5,020
Lot size
1
5
10
25
50
100
250
500
a) Generate a scatter plot to verify that the relationship is linear, letting lot size be x and cost y.
b) Fit a straight line by the method of least squares; provide the regression equation and the R2.
c) What will the cost be when the lot size is 35?
i do believe i have part a and b figured out its c i am not sure how to do. please show your work. thanks.
Cost ($)
30
70
140
270
530
1,010
2,500
5,020
Lot size
1
5
10
25
50
100
250
500
Explanation / Answer
c) What will the cost be when the lot size is 35?
Using technology, we get
slope = 9.975356388
intercept = 22.89870487
Thus, the regression line is
y^ = 9.975356388 x + 22.89870487
Thus, if x = 35
Then
y^ = 9.975356388 * 35 + 22.89870487
y^ = 372.0361784 [answer]
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