You have been presented with the following cost data and asked to fit a statistical cost functionQuantity Total Cost10 10420 10730 10940 111.550 114.560 11870 12380 128.590 137100 1501. Fit three possible statistical cost functions to the data. Use straight-line, quadratic, and cubic formulas.2. Discuss the statistical results you obtained in question 1. Include in your discussion R2 , the coefficients, and the statistical significance of the coefficients. For the statistical significance test, use the p-test rather than the t-test. If you decide to use the t-test, you first have to find the degrees of freedom and then find the appropriate critical t-value in Table A.4 on page 583.3. If the data represent 10 months of production for one plant of a specific company, would you consider this to be a short-run analysis?4. How would your answer to question 3 change if you were told that the data represent 10 different plants during a particular month of the year?
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