Estimate the labor costs, Estimate the labor costs assuming

Estimate the labor costs

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Reference no: EM132805903

Question - Palisades Eco-Park is a small ecological reserve that admits a relatively small number of visitors on any day, but provides both educational and entertaining lectures, exhibitions, and opportunities to observe nature. The company has collected the following data on labor costs and number of visitors to the park over the last 30 months.

Month	Labor Cost	Visitors
1	$25,320	1,200
2	$35,588	1,830
3	$39,194	1,984
4	$31,035	1,568
5	$34,135	1,675
6	$32,040	1,540
7	$31,403	1,556
8	$37,592	1,889
9	$37,821	1,949
10	$46,024	2,521
11	$41,341	2,101
12	$38,274	1,979
13	$33,777	1,705
14	$32,531	1,649
15	$36,255	1,770
16	$25,987	1,482
17	$30,069	2,398
18	$29,380	1,966
19	$27,056	1,703
20	$29,422	2,098
21	$25,195	1,411
22	$24,178	1,267
23	$28,332	2,306
24	$29,569	2,695
25	$27,575	1,830
26	$31,076	2,311
27	$28,096	2,110
28	$29,347	2,153
29	$27,887	1,773
30	$27,335	1,465

Required -

a. Estimate the labor costs assuming 2,000 visitors for the month using the results of a simple regression based on the 30 months of available data.

b. What percentage of the variance in the data does the R-squared value explain?

c. You learn that starting in month 16, the park started using a different, more automated system for interacting with visitors. Estimate the labor cost assuming 2,000 visitors using the results of a simple regression based on the data for months 16 through 30 only.

d. What percentage of the variance in the data does the R-squared value explain?

Reference no: EM132805903

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