Assume you have discovered from historical records that simple linear regression is an effective means of predicting the labor cost of some project tasks. You found that the weight associated with an item (in pounds) produced in historical projects is an accurate and reliable predictor of labor cost. You develop a linear equation expressing the relationship between item weight and labor cost: estimated demand = 1,300 + 0.25x. For an upcoming project that includes the task of manufacturing an item weighing 7,000 pounds, estimate the task cost using this regression equation. a. $6,250b. $3,000c. $1,750d. $3,050e. $7,000
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