Use the Data Given Below to Answer the Following Question(s)

question 22

Multiple Choice

Use the data given below to answer the following question(s) .
Following is an extract from the database of a construction company.The table shows the height of walls in feet and the cost of raising them.The estimated simple linear regression equation is given as Ŷ = b0 + b1X.(Hint: Use Excel functions) .
$$\begin{array} { | r | r | } \hline \begin{array} { l } \text { Height } \\\text { (ft) }\end{array} & \text { Cost (\$) } \\\hline 4 & 670 \\\hline 3 & 430 \\\hline 7 & 810 \\\hline 9 & 1100 \\\hline 6 & 790 \\\hline 8 & 880 \\\hline 5 & 760 \\\hline 11 & 1200 \\\hline\end{array}$$
-What is the value of the coefficient b₀?

• A)-2.25321
• B)0.010697
• C)254.8371
• D)86.81704

Understand the implications of different types of cost functions on marginal costs.

Analyze the effects of input costs on production decisions.

Evaluate the impact of technological changes and experience on production costs.

Understand the role of scale economies and cost-output elasticity in production economics.

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