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25. An important application of regression in manufacturing is the estimation of cost of production. Based...

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Statistics

25. An important application of regression in manufacturing isthe estimation of cost of production. Based on DATA from AjaxWidgets relating cost (Y) to volume (X), what is the cost ofproducing 600 widgets?

Production Volume (units)

Total Cost $

400

3430

450

4080

550

4878

600

4884

700

5913

750

6402

425

4273

475

4362

575

5089

625

5446

725

6017

775

6591

Answer & Explanation Solved by verified expert
4.4 Ratings (730 Votes)
SolutionGiven cost Y and Production volume XWe have to find the cost of producing 600 widgets by using givendataThus we    See Answer
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