Chips A start-up company has developed an improved electronic chip for use in laboratory equipment. The company needs to project the manufacturing cost, so it develops a spreadsheet model that takes into account the purchase of production equipment, overhead, raw materials, depreciation, maintenance, and other business costs. The spreadsheet estimates the cost of producing 10,000 to 200,000 chips per year, as seen in the table. Develop a regression model to predict Costs based on the Level of production.
Hypothesis testing Null hypothesis use “=” signs Assume null hypothesis is true until you find evidence to reject Status quo, no change Mean of normal distribution P value Equivalent to probability, small evidence against the null If p value is low the null shall go, which mean if the p value is lower than the null you have enough evidence to reject it. Alternative hypothesis Tells us what probability we are calculating under the curve Uses signs = Experimental hypothesis Level of significance A p value that is used to determine if we will accept or reject the null hypothesis. If you reject null hypothesis then you are saying that the alternati