TABLE 12-12 The Manager of the Purchasing Department of a Large Savings

question 163

Multiple Choice

TABLE 12-12
The manager of the purchasing department of a large savings and loan organization would like to develop a model to predict the amount of time (measured in hours) it takes to record a loan application. Data are collected from a sample of 30 days, and the number of applications recorded and completion time in hours is recorded. Below is the regression output:

Note: 4.3946E-15 is 4.3946 x 10-15.


-Referring to Table 12-12, the estimated mean amount of time it takes to record one additional loan application is

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Definitions:

Labor

The human effort, including both physical and mental work, used in the production of goods and services.

Total Fixed Cost

The sum of all costs that remain constant regardless of the level of production or business activity.

Output

The total amount of goods and services produced by a company, sector, or economy.

Total Output

The total quantity of goods and services produced by an economy or firm during a specific period.