Cost Curve Anaylsis
Not what you're looking for?
You have been presented with the following cost data table and asked to fit a statistical cost function.
Quantity | 10 | 20 | 30 | 40 | 50 | 60 | 70 | 80 | 90 | 100
Total Cost | 104 | 107 | 109 | 111.5 | 114.5 | 118 | 123 | 128.5 | 137 | 150
Question 1: fit (estimate) three possible statistical cost functions to the data. Use straight-line, quadratic, and cubic formulas.
2: discuss the statistical results you obtained in question 1. Include in your discussion R^2 , the coefficients, and the statistical significance of the coefficients. For the statistical significance test, use the p-test rather than the t-test.
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 you answer to question 3 change if you were told that the data represent 10 different plants during a particular month of the year?
How would I answer this in a word doc and an Excel? Please help.
Purchase this Solution
Solution Summary
The solution assists with fitting a statistical cost function to the data.
Purchase this Solution
Free BrainMass Quizzes
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.