You Run a Regression Analysis and Receive the Following Results

question 76

Multiple Choice

You run a regression analysis and receive the following results:
SUMMARY OUTPUT
$\begin{array}{l}\begin{array} { l r } \hline{ \text { Regression Statistics } } \\\hline \text { Multiple R } & 0.88000000 \\\text { R Square } & 0.78219168 \\\text { Adjusted R Square } & 0.70958891 \\\text { Standard Error } & 1165.19000 \\\text { Observations } & 5 \\\hline\end{array}\\\\\begin{array} { l c r c c r } \hline & d f & S S & M S & F & \text { Significance } F \\\hline \text { Regression } & 1 & 14626984.4 & 1 \mathrm { E } + 07 & 10.7736 & 0.0463451 \\\text { Residual } & 3 & 4073015.604 & 1 \mathrm { E } + 06 & & \\\text { Total } & 4 & 18700000 & & & \\\hline\end{array}\\\\\begin{array} { l r r r c } \hline & \text { Coefficients } & \text { Standard Error } & t \text { Stat } & P \text {-value } \\\hline \text { Intercept } & 16146.37 & 8167.49 & 1.977 & 0.14249 \\\text { X Variable 1 } & 2.380 & 0.730 & 3.282 & 0.04635 \\\hline\end{array}\end{array}$
-To the nearest dollar,what would be the estimated total costs if 3000 units were produced?

• A) $23 286
• B) $16 146
• C) $10 357
• D) $33 643

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Definitions:

Substitutes

Products or services that serve as alternatives to each other, such that when the price of one increases, the demand for its counterpart also rises.

Loaves of Bread

This is a quantifiable term for bread, indicating specific units of bread as a product commonly used for consumption.

Hamburger Buns

A type of bread specifically designed to hold a hamburger patty and its accompanying ingredients, serving as an essential component of a hamburger.

Price of Chicken

The cost at which chicken is sold, which can vary based on factors like market demand, feed prices, and production costs.