Conquest Industries made the following observations of supply costs at different production volume levels: 
a. Using the method of least squares, develop an estimate of total fixed costs and variable cost per unit. (Round your estimate of variable cost per unit to two decimal points.)
b. Develop a cost function to estimate supply cost at different volume levels and then estimate supply cost if production is expected to be 700 units.
c. If the coefficient of correlation was .95, what percentage of the change in supply cost could be explained by changes in production volume?
Definitions:
Target Population
The entire group of individuals or instances about which researchers aim to make conclusions in a study.
Participant Pool
A group of individuals from which research participants are recruited, representing a larger population of interest.
Research Variables
Elements, features, or factors that can change and affect the outcomes of a study, measured to understand relationships or effects.
Independent Variable
The variable in an experiment that is manipulated to observe its effect on the dependent variable.
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