Statistical Significance

You have been   presented with the following cost data and asked to fit a statistical cost   function.    

Quantity:10, 20, 30, 40, 50, 60, 70, 80,   90, 100 and Total Cost: 104, 107, 109, 111.5, 114.5, 118, 123, 128.5, 137,  150 respectably. ( couldn’t make a column or chart to show the numbers   together, example quantity of 10 goes with total cost of 104 and so on )  

 Question 1: fit three possible   statistical cost functions to the data. Use straight-line, quadratic, and   cubic formulas.

Question 2: discuss the statistical results you obtained in   question 1. Include in your discussion R^2 , the coefficients, and the statistical significance of the coefficients. For the statistical significance test, use   the p-test rather than the t-test.

Question 3: If the data represent 10   months of production for one plant of a specific company, would you consider   this to be a short-run analysis?

Question 4: how would you answer to question   3 change if you were told that the data represent 10 different plants during   a particular month of the year?    

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