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(Solved by Expert Tutors)An accountant wants to predict direct labour cost (y) on the basis of the


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.

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  • 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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Apr 19, 2020

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