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  1. business
  2. general management
  3. month machine hours (hrs.) maintenance costs (

Month Machine Hours (hrs.) Maintenance Costs ($) 1 1,330 102,694 2 1,400 103,694 3 1,500 108,694 4 1,470 108,694 5 1,620 116,694 6 1,690 115,694 7 1,490 107,694 8 1,310 102,694 9 1,450 106,694 10 1,580 113,694 11 1,300 100,694 12 1,600 113,694 13 1,650 114,694 14 1,440 109,694 15 1,340 102,694 16 1,670 114,694 17 1,480 106,694 18 1,360 103,694 19 1,340 103,694 20 1,540 112,694 Assume that the following relationship holds: Maintenance Costs = (v * Machine...

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Verified Solution

Question

General Management

Month

Machine Hours (hrs.)

Maintenance Costs ($)

1

1,330

102,694

2

1,400

103,694

3

1,500

108,694

4

1,470

108,694

5

1,620

116,694

6

1,690

115,694

7

1,490

107,694

8

1,310

102,694

9

1,450

106,694

10

1,580

113,694

11

1,300

100,694

12

1,600

113,694

13

1,650

114,694

14

1,440

109,694

15

1,340

102,694

16

1,670

114,694

17

1,480

106,694

18

1,360

103,694

19

1,340

103,694

20

1,540

112,694



Assume that the following relationship holds:

Maintenance Costs = (v * Machine Hours) + f

REQUIRED

Estimate the values of v and f and the cost equation,using,

1. the High-Low Method, and

Make sure to report

1. The values of v and f;

2. A scatter plot of the data points, and

3. The adjusted R-square; explain what the adjustedR-square means.

4. The cost equation in the form of Y = vx + f,substituting the values for v and f from the regressionoutput.

YOUR SUBMISSION MUST BE INEXCEL.  

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