The below data on the production volume x and total cost y (in dollars) for a particular manufacturing operation were used to develop the estimated regression equation ŷ = 1,430.67 + 7.28x.Production Volume(units)Total Cost($)4004,0004505,0005505,5006006,0007006,3007506,900(a)The company's production schedule shows that 650 units must be produced next month. What is the point estimate of the total cost (in dollars) for next month? (Round your answer to the nearest cent.)$ (b)Develop a 99% prediction interval for the total cost (in dollars) for next month. (Round your answers to the nearest cent.)$ to $ (c)

a) To find the point estimate of the total cost for producing 650 units next month, we can use the…

Answered: The below data on the production volume…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.8: Fitting Exponential Models To Data

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Question

The below data on the production volume x and total cost y (in dollars) for a particular manufacturing operation were used to develop the estimated regression equation

ŷ = 1,430.67 + 7.28x.

Production Volume (units)	Total Cost ($)
400	4,000
450	5,000
550	5,500
600	6,000
700	6,300
750	6,900

(a)

The company's production schedule shows that 650 units must be produced next month. What is the point estimate of the total cost (in dollars) for next month? (Round your answer to the nearest cent.)

(b)

Develop a 99% prediction interval for the total cost (in dollars) for next month. (Round your answers to the nearest cent.)

$ to $

(c)

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