SCENARIO 13-12 The manager of the purchasing department of a large saving 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: 
-Referring to Scenario 13-12, there is sufficient evidence that the amount of time needed linearly depends on the number of loan applications at a 5% level of significance.
Definitions:
Profit-Maximizing
A process that enables a business to identify the price and production level that results in the greatest profit.
Marginal Revenue
The revenue increase from selling one more unit of a product or service.
Marginal Cost
The increase or decrease in the total production cost when the production level is increased by one additional unit.
MR = MC Rule
An economic principle that states a firm will maximize its profit when its marginal revenue equals its marginal cost.
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