An important product is cost sampled for significant compone…
An important product is cost sampled for significant components and over the years a product index is faithfully calculated. The following is the table of indexes. Year Product Index 0 95.1 1 97.7 2 98.4 3 100 4 101.1 5 102.2 Fit a linear regression model using the least squares method. What are the values for the slope and intercept of your fitted equation? Determine the coefficient of determination and standard error. What can you say about the strength of the prediction of the cost range? What is the predicted value for year 6.