Computing production cost per unit

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Reference no: EM1319650

Q1) For each of the fifty states if you look at state average income and percentage of people in that state who are foreign- born immigrants, you will see a positive correlation. Does this mean immigrants tend to earn more that n other people? Or does it mean immigrants improve a state's economy? If not what could describe the correlation?

Q2) Production costs for large number of previous orders of varying sizes for product are in file production.xls. Analyst computes production cost per unit in each order and averages these to get $50. Using this he provides a cost estimate of $21,000 for new order for 500 units. Is this sensible cost estimate? Describe why or why not looking at data in the file, can you give a better cost estimate?

Order size units

Cost($)

983

51275

798

40808

527

38195

1049

49989

780

37299

831

55707

857

13168

1316

58135

1737

76111

1511

65020

Reference no: EM1319650

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