Essay
The new cost analyst in your accounting department has just received a computer-generated report that contains the results of a simple regression program for cost estimation. The summary results of the report appear as follows:
r2 = 0.75
Required:
a. What is the cost estimation equation according to the report?
b. What is the goodness of fit? What does it tell about the estimating equation?
Correct Answer:
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a. y = $35.92 + $563.80X
b. Goodness of ...View Answer
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Correct Answer:
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b. Goodness of ...
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