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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?
Remaining Piece
The part left over or remaining after a portion has been used, separated, or removed.
Conjugate
In mathematics, refers to a component that is paired with another but differs in some way, commonly used in complex numbers where it involves changing the sign of the imaginary part.
Product
The result of multiplying two or more numbers or expressions.
Conjugate
In mathematics, a conjugate refers to a component that is paired with another but differs in a certain way, such as the complex conjugate where the sign of the imaginary part is reversed.
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