(Solution Download) The president of a small manufacturing firm is concerned about


The president of a small manufacturing firm is concerned about the continual growth in manufacturing costs in the past several years. The data series of the cost per unit for the firm?s leading product over the past eight years are given as follows:

a. Construct a chart for this time series. Does a linear trend appear to exist?
b. Develop a simple linear regression model for these data. What average cost increase has the firm been realizing per year?

 







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