A Realtor Wanted to Determine If There Was a Relationship

question 46

Essay

A realtor wanted to determine if there was a relationship between the size (in 100 square feet) of a new custom-built home and the price (in thousands of dollars) of home.
a. Draw a scatter plot.
b. Determine the regression line equation and plot the regression line on the scatter plot.
$\begin{array} { c c } \text { Size, } \boldsymbol { x } & \text { Price, } \boldsymbol { y } \\ 26 & 235 \\ 27 & 273 \\ 41 & 387 \\ 29 & 253 \\ 33 & 295 \\ 34 & 335 \\ 36 & 395 \\ 45 & 475 \\ 22 & 203 \end{array}$

Understand and apply the concept of responsibility accounting and its impact on cost control and managerial performance evaluation.

Compute and understand the cash conversion cycle and its importance in managing working capital.

Calculate and analyze departmental contribution to overhead and the impact of direct and indirect expenses on departmental profitability.

Understand the principles of costing joint products and allocating costs based on different bases such as physical units or market values.

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