Question:
(Least squares)Wyoming Wholesale has gathered the following data on the number of shipments received and the cost of receiving reports for the first seven weeks of 2010.
|
Number of Shipments Received
|
Weekly Cost of Receiving Reports
|
|
50
|
$175
|
|
44
|
162
|
|
40
|
154
|
|
35
|
142
|
|
53
|
185
|
|
58
|
200
|
|
60
|
202
|
a. Using the least squares method, develop the equation for predicting weekly receiving report costs based on the number of shipments received.
b. What is the predicted amount of receiving report costs for a month (assume a month is exactly four weeks) in which 165 shipments are received?