An accountant wants to predict direct labour cost (y) on the basis of the batch size (x) of a product produced in a job shop. Data for 10 production runs are given.
- Sketch the scatter plot.
- Calculate the Pearsons? correlation coefficient.
- At %, test for the significance of the correlation.??
- Find equation of the regression line.
- Calculate the coefficient of determination and the standard error s.
- At %, test for the significance of the predictor.
- At %, test for the overall usefulness of the model.
- Predict the labour cost for the batch size of 50.
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