Consider the following information regarding a response variable y and an explanatory variable x. 
a.Calculate b0 and b1.
b.What is the sample regression equation? Predict y if x equals 10.
c.Calculate the standard error of the estimate.
d.Calculate and interpret the coefficient of determination.
Definitions:
Labor Efficiency Variance
The difference between the actual hours worked and the standard hours expected, multiplied by the standard labor rate, indicating efficiency in labor usage.
Direct Labor-Hours
Entire duration of work by employees intricately involved in the manufacturing phase.
Machine-Hours
A measure of production output or activity calculated as the total hours that machines are operated over a specific period.
Standard Hours Allowed
The amount of work time allowed for the completion of a task, against which actual hours are compared for performance analysis.
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