Below are cost and activity data for a particular cost over the last four periods. Your boss has asked you to analyze this cost so that management will have a better understanding of how this cost changes in response to changes in activity.
Required:
Using the least-squares regression method, estimate the cost formula for this cost.
Definitions:
Range
Range is the difference between the highest and lowest values in a set of data, providing a measure of the spread or dispersion of the values.
Median
The middle value in a data set when the numbers are arranged in ascending order.
High-Potential Employees
Workers identified as having the capabilities, ambition, and potential to hold leadership roles or significantly impact the organization's future.
Minorities
Groups within a population that are differentiated from the majority by cultural, ethnic, racial, or religious characteristics.
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