A Set of Data Consists of the Number of Years $\hat { y } = 31.6 + 10.9 x$

question 54

Essay

A set of data consists of the number of years that applicants for foreign service jobs have studied German and the grades that they received on a proficiency test. The following regression equation is obtained: $\hat { y } = 31.6 + 10.9 x$ where x represents the number of years of study and y represents the grade on the test. Identify the predictor and response variables.

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Definitions:

Equivalent Units of Production

A conversion of partially completed units into a number of fully completed units during a period, used in process costing systems.

Costs Per Equivalent Unit

A calculation used in process costing that determines the cost of a single completed unit, considering work done on partial units.

Weighted-Average Method

A costing method used in manufacturing and accounting that averages the cost of inventory by taking the total cost of goods available for sale and dividing it by the total number of goods available.

Equivalent Units of Production

An accounting term used to denote the amount of finished goods produced by a company in a given period, after adjusting for work-in-progress inventory at the beginning and end of that period.