PRC-2 · Chapter 10 · Question 56 of 60
A regression line predicting total factory cost (Y) based on units produced (X) is given exactly as Y = 15,000 + 60X. What is the predicted total cost if 400 units are produced?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Rs. 39,000
Explanation
Simply substitute X = 400 into the established regression equation. Y = 15,000 + 60(400) = 15,000 + 24,000 = Rs. 39,000.
More Correlation and Regression MCQs
- Q58What is the primary statistical function and inherent risk of utilizing a 'scatter diagram'?
- Q59If a set of data yields a flat regression equation of Y = 25 + 0X, what must be the mathematical value of the correlation coefficient (r)?
- Q60If the slope 'b' in a calculated regression equation is a negative number, what must inherently be true about the correlation coefficient…
- Q1What is the primary function of a scatter diagram in statistical analysis?
- Q2What is the mathematically defined range for the value of the correlation coefficient (r)?