We appreciate your visit to What is a graph of unit volume and cost data called 1 Least squares diagram 2 Step wise diagram 3 Scatter diagram 4 Break even. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Final answer:
A graph that plots unit volume against cost data is called a scatter diagram, which helps identify correlations between cost and volume and allows for further statistical analysis such as regression and correlation. To create it, data points are plotted on a graph, and analysis may include fitting a least-squares regression line and computing the correlation coefficient. So the correct option is number 3 from the given choices.
Explanation:
A graph that plots unit volume against cost data is typically referred to as a scatter diagram. In using such a diagram, each point on the graph represents the cost associated with a particular unit volume. This visual representation can help identify any possible correlation between the cost and the volume, as well as enable businesses to perform further statistical analysis, such as calculating the least-squares regression line. This line aims to provide the best fit for the data points, demonstrating the general trend or relationship between the variables. You might also determine the strength of the relationship by calculating the correlation coefficient.
To create a scatter diagram, you would first plot the individual data points onto a graph, with one axis representing unit volume and the other representing cost. After plotting all the data points, you may observe a pattern or trend that suggests a relationship between the variables. If analyzing the production costs of semiconductors, for example, you would expect to see a trend that reflects the economies of scale, where higher volumes lead to a decrease in cost per unit. If this trend is difficult to discern just by looking at the scatter plot, calculating the least-squares regression line and the correlation coefficient can provide more concrete evidence of the relationship's nature and its significance.
Based on the provided context and its typical application, the graph of unit volume and cost data is a scatter diagram, which is option 3 on the given list. In conclusion, when you plot these points and analyze them, you usually aim to understand the relationship between the size of production and the cost per unit, vital information for businesses seeking to optimize production and manage expenses.
Thanks for taking the time to read What is a graph of unit volume and cost data called 1 Least squares diagram 2 Step wise diagram 3 Scatter diagram 4 Break even. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
