Burmer Co. has accumulated data to use in preparing its annual profit plan for the upcoming year. The cost behavior pattern of the maintenance costs must be determined. Data regarding the machine hours and maintenance costs for the last year and the results of the regression analysis are as follows:
A staff assistant has run regression analyses on the data and obtained the following output using Excel:
REGRESSION ANALYSIS
Y (Dependent) Variable: Maintenance Cost
X (Independent) Variable: Maintenance Hours
A key statistic that indicates reliability of the regression is:
Definitions:
Large Income
Substantial earnings or revenue, typically considerably higher than the average income, affording a high standard of living.
High Productivity
Indicates a significant output or efficiency in production or performance relative to the input of resources, time, or labor.
Technological Progress
The advancement and innovation in technology, leading to more efficient processes, improved products, and overall economic growth.
Unemployment
The state of being without a job despite actively seeking work, reflected as a percentage of the labor force.
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