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Regression and Cost Functions

Chapter: 1, exercise 18

18. Refer to the Wage data, which reports information on annual wages for a sample of 100workers. Also included are variables relating to industry, years of education, and gender for each worker.

a. Which of the 12 variables are qualitative and which are quantitative?
b. Determine the level of measurement for each variable.

Chapter 13, exercise 14

14. Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The X column indicates the number of client contacts last month, and the Y column shows the value of sales ($ thousands) last month for each client sampled.

a. Determine the regression equation.
b. Determine the estimated sales if 40 contacts are made.

Chapter 3, problem 3-41

High-Low Method
Manchester Foundry produced 45,000 tons of steel in March at a cost of £1,150,000. In April, the foundry produced 35,000 tons at a cost of £950,000. Using only these two data points, determine the cost function for Manchester.