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The Apex corporation produces corrugated paper. It has collected monthly data from January 2001 through March...

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Question

Basic Math

The Apex corporation produces corrugated paper. It has collectedmonthly data from January 2001 through March 2003 on the followingtwo variables:

y= total manufacturing cost per month (In thousands of dollars)(COST)

x= total machine hours used per month (Machine)

The data are shown below.

yx

1102 218
1008 199
1227 249
1395 277
1710 363
1881 399
1924 411
1246 248
1255 259
1314 266
1557 334
1887 401
1204 238
1211 246
1287 259
1451 286
1828 389
1903 404
1997 430
1363 271
1421 286
1543 317
1774 376
1929 415
1317 260
1302 255
1388 281

Answer the following question

Fill in the blanks for the following statement: “I am 95%confident that the average manufacturing cost at the Apexcorporation for all months with 350 total machine hours is between____ and ____.”

please show me steps

Answer & Explanation Solved by verified expert
3.9 Ratings (796 Votes)
This problem can be solved using regressionFollowing are the steps1calculate regression coefficient using mentioned formula2calculate yhat using regression formula3calculate root mean square errorsyx4calculate standard error for prediction5calculate t critical6calculate lower and upper value of intervalStep 1y abxTo calculate a and    See Answer
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