The Following Are the Results of the Least Squares Regression

question 63

Essay

The following are the results of the least squares regression method which was run to separate the fixed and variable components of the Zulli Corporation's monthly factory utility costs using the number of products produced:
y = 49,222.2992 + 5.09 x
R² = .97765
a)Assume Zulli budgets production of 5,400 units in June,what should budgeted utility costs be?
b)Explain what R² means.Is this equation a good predictor of utility costs?

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