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Shipment 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Cost of Shipment Cargo Type $7.00 Semifragile $2.00 Durable $13.80 Fragile $11.10 Fragile $10.00...
28. Suppose the regional express delivery service wants to estimate the cost of shipping a package (y) as a function of cargo type, where cargo type includes the following possibilities: fragile, semi fragile, and durable. Costs for 15 randomly chose packages od approximately the same weight and same distance shipped, but of different cargo types are provided in the excel sheet titled ( prob 28)
a.Formulate a multiple regression model to predict the costs of shipping a given packageb.Estimate the formulated model using the given sample data, and interpret the estimated regression coefficients.c.According to the estimated regression model, which cargo type is the least costly to ship?d.How well does the estimated model fit the given sample data? How can the models goodness of fit be improved?e.Given the estimated regression model, predict the cost of shipping a package with semi fragile cargo