3. When a person selects the correct lottery ticket numbers, the lottery commission legally required to pay the money. This is an example of a contract. 4. Under the view of revocation, an offeror revoke an offer for a contract if the offeree has performed. Fill in the blanks with words that would best complete the passage. may bilateral substantially traditional not unilateral may not modern 5. Most contracts are in writing and thus are considered formal contracts. a. True b. False 6. Which of the following is not a requirement for an implied contract

An important application of regression analysis in accounting is in the estimation of cost. by collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. consider the following sample of production volumes and total cost data for a manufacturing operation. production volume (units) total cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000 compute b 1 and b 0 (to 2 decimals if necessary). b 1 b 0 complete the estimated regression equation (to 2 decimals if necessary). = + x what is the variable cost per unit produced (to 1 decimal)? $ compute the coefficient of determination (to 4 decimals). note: report r 2 between 0 and 1. r 2 = what percentage of the variation in total cost can be explained by the production volume (to 2 decimals)? % the company's production schedule shows 500 units must be produced next month. what is the estimated total cost for this operation (to 2 decimals)? $