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Using Regression Equation

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MONTH NUMBER OF MOVES NUMBER OF LBS. MATERIAL HANDLING COST
January $100 6,000 $2,000
February $125 15,000 $3,090
March $175 7,800 $2,780
April $200 600 $1,990
May $500 29,000 $7,500
June $300 23,000 $5,300
July $250 17,000 $4,300
August $400 25,000 $6,300
September $475 12,000 $5,600
October $425 22,400 $6,240

Questions:
1) What is the regression equation if 'Number of Moves" is used as the predictor?
2) How much does this equation explain about material handling costs?
3) What is the regression equation if "Number of Lbs." is used as the predictor?
4) How much does this equation explain about material handling costs?
5) What is the multiple regression equation if both predictors are used?
6) How much does this equation explain about material handling costs?
7) If you were the firm's cost accountant, which equation would you use? Explain.

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Solution Summary

The solution discusses using the regression equation.

Solution provided by:
Champake Mendis, MEngSc, PhD
Education
  • BSc (Hons), University of Colombo - Sri Lanka
  • MEngSc, University of Melbourne
  • Certificate IV in Training & Assessment , Australian Business Council
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