onsider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units) Total Cost ($) 400 3,900 450 4,900 550 5,500 600 5,900 700 6,400 750 7,100 This data was used to develop an estimated regression equation, ŷ = 970.67 + 8.08x, relating production volume and cost for a particular manufacturing operation. Use ? = 0.05 to test whether the production volume is significantly related to the total cost. (Use the F test.) Set up the ANOVA table. (Round your p-value to three decimal places and all other values to two decimal places.) Source of Variation Sum of Squares Degrees of Freedom Mean Square F p-value Regression Error Total Find the value of the test statistic. (Round your answer to two decimal places.) Find the p-value. (Round your answer to three decimal places.) p-value = What is your conclusion? Reject H0. We conclude that the relationship between production volume and total cost is significant.Do not reject H0. We conclude that the relationship between production volume and total cost is significant. Reject H0. We cannot conclude that the relationship between production volume and total cost is significant.Do not reject H0. We cannot conclude that the relationship between production volume and total cost is signifi

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

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Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

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onsider the following sample of production volumes and total cost data for a manufacturing operation.

Production Volume (units)	Total Cost ($)
400	3,900
450	4,900
550	5,500
600	5,900
700	6,400
750	7,100

This data was used to develop an estimated regression equation,

ŷ = 970.67 + 8.08x,

relating production volume and cost for a particular manufacturing operation. Use

? = 0.05

to test whether the production volume is significantly related to the total cost. (Use the F test.)

Set up the ANOVA table. (Round your p-value to three decimal places and all other values to two decimal places.)

Source of Variation	Sum of Squares	Degrees of Freedom	Mean Square	F	p-value
Regression
Error
Total

Find the value of the test statistic. (Round your answer to two decimal places.)

Find the p-value. (Round your answer to three decimal places.)

p-value =

What is your conclusion?

Reject H₀. We conclude that the relationship between production volume and total cost is significant.Do not reject H₀. We conclude that the relationship between production volume and total cost is significant. Reject H₀. We cannot conclude that the relationship between production volume and total cost is significant.Do not reject H₀. We cannot conclude that the relationship between production volume and total cost is signifi

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