HW 3 - Stat 133 SP 2011 HW 3 Name Please read and follow...

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Stat 133 SP 2011 HW 3 Name__________________ Please read and follow the homework policies posted on Carmen and the syllabus regarding homework format and academic integrity expectations. You must show work for credit. Answers (except MC/TF) that have no work, even though they are correct, will receive no credit. 1. Suppose a manufacturer has recorded its cost of electricity (in dollars) and the total number of hours of machine time for their factory during a certain number of weeks. They want to use the data to estimate electric bills based on machine time. Their data analysis is below. Descriptive Statistics: Time, Cost Variable N Mean SE Mean StDev Variance Minimum Q1 Median Time 52 10.865 0.369 2.664 7.099 6.000 8.000 11.000 Cost 52 1041.9 35.9 258.9 67043.1 464.3 879.2 1018.8 Variable Q3 Maximum CORRELATION = 0.90 Time 13.000 15.000 Cost 1243.2 1598.1 a. Find the equation of the regression line. Label the X and Y variables and include the units for each variable. b. How much more money does each additional hour of machine time cost? (include units) ANS_______ c. Which values of machine time can be used to make appropriate predictions for cost based on this data to avoid extrapolation? (include units)
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