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| A scatter diagram shows the weekly total costs of production ($) in a certain factory plotted against the weekly output (units). A broadly linear pattern is evident, with r = 0.9. The regression equation is： COSTS = 1,500 + (15 x OUTPUT) Fifty data points have been included in the analysis, with output ranging from 100 units to 1,000 units. Output next week is planned to be 500 units. Read the following statements. (i) There is very little correlation between weekly costs of production and production level. (ii) 90% of the variation in weekly costs is attributable to the quantity of output produced. (iii) Given the information, any forecast using the regression equation is likely to be very unreliable. Which of these statements is/are justified? A (ii) only B (i) and (iii) only C (ii) and (iii) only D None of them. |