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Q1. An accountant wishes to predict labor cost (y) on the basis-(Answered)

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Q1. An accountant wishes to predict labor cost (y) on the basis of batch size (x) of a product produced in a job shop. Data for 12 production runs include:

Direct labor cost

Batch size

71

5

663

62

381

35

138

12

861

83

145

14

493

46

548

52

251

23

1024

100

435

41

772

1

  1. A. Construct a scatter plot of y versus x.
  2. B.?Does?the?scatter?plot?suggest?that?a?simple?linear?regression?model?might?be?appropriate???Before?moving?on,?address?any?concerns?
  3. Q2.??Use?the?data?in?Q1?to?estimate?a?simple?linear?regression?model.
  4. C. What are the values of the intercept and slope coefficients? Interpret the meanings of b0 and b1.
  5. D. Write the least squares prediction equation.
  6. E.?Use?the?least?squares?line?to?obtain?a?point?estimate?of?the?mean?direct?labor?costs?for?all?batches?of?size?60?and?a?point?prediction?of?the?direct?labor?cost?for?an?individual?batch?of?size?60.
  7. Q3.??Set?up?the?appropriate?null?and?alternative?hypotheses?to?determine?whether?labor?is?statistically?significantly?related?to?batch?size.??What?is?the?calculated?t-statistic???
  8. What?is?the?critical?t-statistic???
  9. What?is?the?p-value???Use?these?results?to?determine?whether?you?reject?or?fail?to?reject?the?null?hypothesis?that?there?is?no?effect?using?a?significance?level?of?.05.
  10. Q4.?Use?your?results?to?solve?for?and?interpret?the?following:
  11. F. What is the point estimate of the mean square error ?2?
  12. G. What is the point estimate of the standard error ??
  13. H. Interpret the confidence interval for the slope coefficient. How can we use this information to determine whether we should reject or fail to reject the null hypothesis that there is no effect?
  14. I. What is the coefficient of determination?
  15. J. Finally,?is?the??model??statistically?significant?based?on?the?F-test?

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Paper#9255955 | Written in 27-Jul-2016

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