Question: A company uses regression analysis to estimate costs. The regression equation is \( \mathrm{Y}=500+20 \mathrm{XY}=500+ \) \( 20 \mathrm{XY}=500+20 \mathrm{X} \), where \( \mathrm{YYY} \) is the total cost and \( \mathrm{XXX} \) is the number of units produced. What is the estimated total cost if the company produces 3,000 units?
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In this case, \( \mathrm{X} \) is the number of units produced, which is 3,000. So, we have \( \mathrm{Y}=500+20(3000) \). Show more…
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