Solution-What is the estimated total cost for the coming

What is the estimated total cost for the coming year

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Question - Pam's Stables used two different independent variables in two different equations to evaluate the cost of training horses. The most recent results of the two regressions are as follows:

Trainer's hours:

Variable	Coefficient	Standard Error	t-Value
Constant	$913.32	$198.12	4.61
Independent Variable	$20.90	$2.94	2.11

r2 = 0.56

Number of horses:

Variable	Coefficient	Standard Error	t-Value
Constant	$4,764.50	$1,073.09	4.44
Independent Variable	$864.98	$247.14	3.50

r2 = 0.82

Using the more reliable cost driver, what is the estimated total cost for the coming year if 16,000 trainer hours are incurred and the stable has 400 horses to be trained? In other words, use the regression results that you believe are more reliable to estimate the total cost for the year.

Reference no: EM132843454

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What is the estimated total cost for the coming year

Reference no: EM132843454

Reference no: EM132843454

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