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Build the applicable regression equation

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Reference no: EM132476516

Problem - Mason Office Services color copies for various customers. The company has gathered the following data:

Month

# Copies

Copy Department Costs

July

17,000

$1,445

August

21,250

1,685

September

22,950

1,785

October

18,700

1,530

November

20,400

1,615

December

25,500

2,040

Required -

(a) Enter the above data onto an Excel worksheet. Then, using the High-Low method, build the applicable regression equation, and

(i) Solve for "f."

(ii) Solve for "v"

(iii) Estimate Copy Department Costs, assuming the number of copies is 23,000.

(b) On the same worksheet, using Excel's Least Squares Regression application,

(i) Solve for "f."

(ii) Solve for "v."

(iii) Estimate Copy Department Costs, assuming the number of copies is 23,000.

(iv) Based on the r2 measure (coefficient of determination), explain what it indicates about how accurate (or inaccurate) the Least Squares equation is at predicting total costs.

Reference no: EM132476516

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