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Cost Modeling. General Widget Corporation has collected data

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Cost Modeling. General Widget Corporation has collected data on the daily output and daily production cost of widgets produced at its factory. (Data for the study are shown in the table below.) The company believes that daily output (DO) and daily production cost (PC) ought to be linearly related. Thus, for some numbers a and b: PC = a + b × DO


                 Output         Production Cost


Day 1  5,045                2,542


Day 2  6,127               2,812


Day 3  6,360                  2,776


Day 4  6,645                 3,164


Day 5  7,220                 4,102


Day 6   9,537                4,734


Day 7   9,895              4,238


Day 8  10,175               4,524


Day 9 10,334 4,869


Day 10 10,855 4,421


 


 


Build a least-squares model to estimate the parameters a and b in the linear relationship. In other words, minimize the sum of squared differences between the model's predicted values and the observations. What are the best values of the parameters a and b for this criterion? What is the minimum value of the objective function? (Verify your results by using Excel's Regression tool.) Suppose, instead, that a better criterion is thought to be minimizing the sum of absolute deviations between the model's predicted values and the observations. What are the best values of the parameters a and b for this criterion? What is the minimum value of the objective function? Suppose, instead, that a better model than the linear model is thought to be the power function PC = a(DO)b Using the sum of absolute deviations (as in the previous part), what values of a and b provide the best fit? What is the minimum value of the objective function?


 


If I can have this by 10 am that would be GREAT! 


Thanks:)

Submitted: 11 months ago.
Category: Math Homework
Expert:  Ryan replied 11 months ago.
Hi,

Thank you for using JustAnswer.

I'll be happy to help you with these statistics questions. I'll have the solutions posted for you as soon as possible.

Thanks,

Ryan
Expert:  Ryan replied 11 months ago.
Hi Misty,

Here are the solutions:

Regression

Please feel free to ask if you have questions about any of these solutions.

Thanks,

Ryan
Ryan, Engineer
Category: Math Homework
Satisfied Customers: 7266
Experience: B.S. in Civil Engineering
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