04 Jun Question Instruction:Submittwofilesasusual
Question
Instruction:Submittwofilesasusual,aWordfilethathasalltheanswersforthequestionsandanExcel
filethathasonlythedataandregressionoutputs.FortheExcelfile,makesureyougivethenamefor
eachspreadsheetsuchasdata,straightline,quadraticandcubic(4spreadsheetswiththenames).Do
notforgettoputthegroupnumberandthenamesoftheparticipantsontheprojectintheWord
document.
ThegroupprojectbelowisQuestion9onpage287,chapter7.Ideletedcertainquestions.Makesure
youreadpp.258260withthespecialattentiontoFigure7.4(thethreedifferentspecificationsofthe
totalcostfunction)andpp.295305fromyourtextbook.AndDONOTforgettousemylecturenote
calledEstimatingthecostfunction.
Youhavebeenpresentedwiththefollowingcostdataandaskedtofita
statisticalcostfunction:
Quantity TotalCost
10
104.0
20
107.0
30
109.0
40
111.5
50
114.5
60
118.0
70
123.0
80
128.5
90
137.0
100
150.0
1. Fit three possible statistical cost functions to the data. Use straight line, quadratic, and cubic formulas.
2. Discuss the statistical results you obtain edin question 1. Include in your discussion R2, the coefficients, and the statistical significance of the coefficients. For the statistical significance test, use the ptest rather than the t test. If you decide to use the t test, you first have to find the degrees of freedom and then find the appropriate critical t value in Table A. 4 on page 583.
3. If the data represent 10 months of production for one plant of a specific company, would you
consider this to be a short run analysis?
4. How would your answer to question 3 change if you were told that the data represent 10 different plants during a particular month of the year?
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