Question 1: Identify the formula for the straight line that describes the relationship between the two variables X and Y from the data below.
X 4 5 6 7 8
Y 21 24 25 28 33
Question 2: You have the following historical costs for an item for the last five years. You believe there is a trend that will continue into the future and want to be able to predict the cost ten years from now. Use the least squares method to develop a projection of the unit cost ten years from now.
Year 1993 1994 1995 1996 1997
Unit Cost $6.75 $7.04 $7.65 $7.99 $8.20
Question 3: If the first unit takes 24 hours to complete and you expect a 90% learning curve, how long will it take to complete the 14th unit? How long will it take all 14 units?
If the 3rd unit takes 141 hours and the 4th unit takes 136 hours, how long will it take for the 30th unit?
How long will it take all 30 units?