Describes operating costs for comparable manufacturing

Reference no: EM13230309

A study describes operating costs for comparable manufacturing plants operating in 15 different U.S. metropolitan areas. From the costs obtained in the study, the following multiple regression equation was developed:
= 1.0 + 1.1x1 + 2.8x2 with = total operating cost, x1 = labor cost, and x2 = electric power cost. All costs are in millions of dollars and on an annual basis.

Please round your answers to 1 decimal place.

a. The partial regression coefficient for the labor cost is .

b. For a given electric power cost, the total operating cost will increase by $ if labor costs increase by $1.

c. The partial regression coefficient for the electric power cost is .

d. For a given labor cost, the total operating cost will increase by $ if electric power costs increase by $1.

e. If labor costs $6 million and electric power costs $0.3 million, the estimated annual cost to operate the plant is $ million Required minimum-1 page

Reference no: EM13230309

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