A production company is studying the relationship between the average cost/unit and the number of units produced in a batch. A sample of 10 batches is selected, and the data is given below. Use Excel to develop an estimated simple linear regression equation for the data. What is the estimated regression model?
a) Cost/unit = 15.2 + 0.003 * Number of units produced
b) Cost/unit = 12.5 - 0.002 * Number of units produced
c) Cost/unit = 18.6 + 0.004 * Number of units produced
d) Cost/unit = 20.1 - 0.005 * Number of units produced