is the predicted amount of receiving report costs for a month (assume a month is exactly four weeks) in which 231 shipments are received? $ 645.49

Essentials of Business Analytics (MindTap Course List)
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ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Chapter8: Time Series Analysis And_forecasting
Section: Chapter Questions
Problem 11P: For the Hawkins Company, the monthly percentages of all shipments received on time over the past 12...
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Appendix; Least squares regression
Wyoming Wholesale has gathered the following data on the number of shipments received and the cost of receiving reports for the first seven weeks of the year.
Number of Shipments Received Weekly Cost of Receiving Reports
$245
227
216
199
259
280
283
Note: When answering the following questions, round your answers to two decimal places.
70
62
56
49
74
81
84
a. Using the least squares method, develop the equation for predicting weekly receiving report costs based on the number of shipments received.
y = $ 76.71
*+$2.46
(# of shipments)
b. What is the predicted amount of receiving report costs for a month (assume a month is exactly four weeks) in which 231 shipments are received? $ 645.49
X
Transcribed Image Text:Appendix; Least squares regression Wyoming Wholesale has gathered the following data on the number of shipments received and the cost of receiving reports for the first seven weeks of the year. Number of Shipments Received Weekly Cost of Receiving Reports $245 227 216 199 259 280 283 Note: When answering the following questions, round your answers to two decimal places. 70 62 56 49 74 81 84 a. Using the least squares method, develop the equation for predicting weekly receiving report costs based on the number of shipments received. y = $ 76.71 *+$2.46 (# of shipments) b. What is the predicted amount of receiving report costs for a month (assume a month is exactly four weeks) in which 231 shipments are received? $ 645.49 X
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