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Chips A start-up company has developed an improved electronic chip for use in laboratory

Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux ISBN: 9780321854018 481

Solution for problem 42 Chapter Part II

Stats Modeling the World | 4th Edition

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Stats Modeling the World | 4th Edition | ISBN: 9780321854018 | Authors: David E. Bock, Paul F. Velleman, Richard D. De Veaux

Stats Modeling the World | 4th Edition

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Problem 42

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.

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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

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Chapter Part II, Problem 42 is Solved
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Textbook: Stats Modeling the World
Edition: 4
Author: David E. Bock, Paul F. Velleman, Richard D. De Veaux
ISBN: 9780321854018

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Chips A start-up company has developed an improved electronic chip for use in laboratory