Solution-Build the applicable regression equation

Build the applicable regression equation

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Reference no: EM132476516

Problem - Mason Office Services color copies for various customers. The company has gathered the following data:

Month	# Copies	Copy Department Costs
July	17,000	$1,445
August	21,250	1,685
September	22,950	1,785
October	18,700	1,530
November	20,400	1,615
December	25,500	2,040

Required -

(a) Enter the above data onto an Excel worksheet. Then, using the High-Low method, build the applicable regression equation, and

(i) Solve for "f."

(ii) Solve for "v"

(iii) Estimate Copy Department Costs, assuming the number of copies is 23,000.

(b) On the same worksheet, using Excel's Least Squares Regression application,

(i) Solve for "f."

(ii) Solve for "v."

(iii) Estimate Copy Department Costs, assuming the number of copies is 23,000.

(iv) Based on the r² measure (coefficient of determination), explain what it indicates about how accurate (or inaccurate) the Least Squares equation is at predicting total costs.

Reference no: EM132476516

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Build the applicable regression equation

Reference no: EM132476516

Reference no: EM132476516

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