Identify Each Cost Below as Variable (V), Fixed (F), or Mixed

question 30

Essay

Identify each cost below as variable (V), fixed (F), or mixed (M), relative to units sold. Explain the reason for your answer.
$$\begin{array} { | l | r | r | r | } \hline \text { Units Produced } & 100 & 500 & 1,000 \\\hline \text { Total electric cost } & \$ 1,500 & \$ 1,650 & \$ 1,700 \\\hline \text { Supervisor's monthly salary } & \$ 4,500 & \$ 4,500 & \$ 4,500 \\\hline \text { Assembly line workers' per hour wage rate } & \$ 30 & \$ 30 & \$ 30 \\\hline \text { Total materials cost } & \$ 800 & \$ 4,000 & \$ 8,000 \\\hline \text { Depreciation on factory equipment } & \$ 5,000 & \$ 5,000 & \$ 5,000 \\\hline \text { Total delivery costs } & \$ 1,400 & \$ 1,800 & \$ 2,250 \\\hline\end{array}$$

Recognize that a strong correlation does not imply causation between variables.

Interpret the significance of the slope of the regression line and its relationship with the coefficient of correlation.

Understand the limitations and applications of regression analysis for prediction.

Comprehend the conceptual difference between regression and correlation analysis and their respective applications.

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