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Pearson's Correlation Coefficient and Regression Equation

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The following table represents data involving direct labour costs (in Rands) and the batch size (in units) produced by a small manufacturing concern that specialises in a single product.

15 200
18 240
21 290
23 300
26 380
28 370
32 400

1. Determine Pearson's correlation coefficient and comment on the value obtained.

2. Obtain a regression equation representing the above data.

3. Estimate the production batch size for a direct labour cost of R350-00.

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Solution Summary

This solution determines Pearson's correlation coefficient and regression equation from an ANOVA analysis. It also uses the regression equation to estimate the product batch size for a specific direct labour cost.