## (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.

 5 70 62 663 35 389 12 141 88 861 14 145 49 465 52 548 23 254 90 1024
• 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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This question was answered on: Apr 19, 2020

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