A company has observed that there is a linear relationship
A company has observed that there is a linear relationship between
indirect labor expense (ILE) , in dollars, and direct labor hours (DLH). Data for direct labor hours and indirect labor expense for 18 months are given in the fileILE_and_DLH.xlsx
Treating ILE as the response variable, use regression to fit a straight line to all 18 data points.
Using your estimated regression output, predict the indirect labor expenses for a month in which the company has 31 direct labor hours.
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