4. Monthly total production costs and the number of units produced at a local company over a period of 10 months are shown in the data set Production Cost. a) Use a simple linear regression model to develop an estimated regression equation to best describes the relationship between X and Y b) Construct a standardized residual plot. Based upon the standardized residual plot, does a simple linear regression model appear to be appropriate? c) Develop a second-order model and find out the standardized residual plot. d) Do you prefer the estimated regression equation developed in part (a) or part (c)? Explain which one is a better fit.
4. Monthly total production costs and the number of units produced at a local company over a period of 10 months are shown in the data set Production Cost. a) Use a simple linear regression model to develop an estimated regression equation to best describes the relationship between X and Y b) Construct a standardized residual plot. Based upon the standardized residual plot, does a simple linear regression model appear to be appropriate? c) Develop a second-order model and find out the standardized residual plot. d) Do you prefer the estimated regression equation developed in part (a) or part (c)? Explain which one is a better fit.
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.1: Functions Given By Formulas
Problem 2TU: What is your monthly payment if you borrow 5000 at a monthly rate of 0.61 and pay it off in 5 years?
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Transcribed Image Text:Month
56 00 Last WN-
2
3
9
10
Production
Costs (Yi) (in
millions S)
1
1
1
2
2
Stag
5
9
12
Units
Produced
(Xi) (in
millions)
2
WN
3
4
5
6
to
9
10
10
Transcribed Image Text:4. Monthly total production costs and the number of units produced at a local company over a period of
10 months are shown in the data set Production Cost.
a) Use a simple linear regression model to develop an estimated regression equation to best
describes the relationship between X and Y
b) Construct a standardized residual plot. Based upon the standardized residual plot, does a
simple linear regression model appear to be appropriate?
c) Develop a second-order model and find out the standardized residual plot.
d) Do you prefer the estimated regression equation developed in part (a) or part (c)? Explain
which one is a better fit.
Answer:
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