Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.

Get a Professional Answer

Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.

100% Satisfaction Guarantee

Rate the answer you receive.

Ask Ryan Your Own Question

Ryan,
Engineer

Category: Math Homework

Satisfied Customers: 7397

Experience: B.S. in Civil Engineering

40260889

Type Your Math Homework Question Here...

Ryan is online now

Cost Modeling. General Widget Corporation has collected data

Resolved Question:

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?

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.

JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.

Web sites like justanswer.com/legal ...leave nothing to chance.

Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.

Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.

I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.Freshfield, Liverpool, UK

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.DianeDallas, TX