Assume the following data (where the 690 is the last three digits of your panther id):
|Month||Machine Hours (hrs.)||Maintenance Costs ($)|
For example, if your panther id is 1234567, then your maintenance costs would be $103,567 in month 1; $107,567 is month 2; $113,567 in months 10, 12, and 13.
Assume that the following relationship holds:
Maintenance Costs = a + (b * Machine Hours)
Estimate the values of a and b, using,
1. the High-Low Method, and
2. the Linear Regression method.(for help try “Linear Regression in Excel” on YouTube)
Note, to use the linear regression method, you MUST use the Microsoft Excel program.
Make sure to report
a. the values of a and b;
b. a scatter plot of the data points, and
c. the R-square or the adjusted R-square
3. Which of the above two methods is more appropriate? Why ? (3 sentences maximum)
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