Determine whether to use this equation for estimating purposes.Determine the coefficient of determination (r2).
VOLUME CHEMICAL You are involved in analyzing the relationship between the cost and the volume of production. You have collected the following inflation‐adjusted data: Table 3.12—Volume Chemical Inflation-Adjusted Data Production Units Costs 700 $61,750 1,450 $64,450 1,500 $66,000 1,750 $69,438 2,100 $73,410 2,150 $75,720 3,050 $79,375 1. Estimate the cost to produce 2,000 units. 2. […]