Math Solutions

[Solution] A manufacturer of a particular good uses a number of raw materials in their production. Below is data on the total cost of producing the item

Question: A manufacturer of a particular good uses a number of raw materials in their production. Below is data on the total cost of producing the item and the costs for three of the raw materials labeled X1, X2 and X3.

Total Cost Cost of X 1 Cost of X 2 Cost of X 3
312 12 5 2
322 11 6 5
298 9 8 4
328 13 6 2
331 14 5 4
316 10 8 3
323 11 7 6
289 10 4 5
321 13 3 4
303 11 5 6
311 10 7 4
328 12 6 3
  1. Determine the best multiple linear regression model that can be fitted to this data showing why this is the model you have chosen.
  2. Using the model you have created in part i) give an estimate of the total cost of the good if the expected costs of the three raw materials are: X 1 =12, X 2 =5, X 3=6.

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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