Posted by edwin on .
A study was conducted to investigate the relationship between the cost, y (in tens of thousands of dollars), per unit of equipment manufactured and the number of units produced per run, x. The resulting equation for the line of best fit is given below, with x being observed for values between 10 and 200.
y = 7.13 − 0.01x
(a) If a production run was scheduled to produce 55 units, what would you predict the cost per unit to be in tens of thousands of dollars? $(00,000)
(b) What would be the cost per unit in dollars? $
Substitute 55 for x, then solve the equation for y.