A consulting firm would like to know the relationship between the total cost of a project and billable hours spent by its associates on the project. The firm gathered data on 45 projects. The BILLABLE HOURS ranged from 90 to 980 and the TOTAL COST, measured in 1000's of dollars, ranging from 68 to 153. A regression model was estimated to try to explain TOTAL COST making use of BILLABLE HOURS. The regress output for the model is given below07

was estimated to try to explain TOTAL COST making use of BILLABLE HOURS. The regress output for the model is given below. Dependent Variable TOTAL COST Independent Variable BILLABLE HOURS Regression Statistics R R Square Adj. RSqr Std. Err # Cases # Missing 0.900 0.811 0.806 8.76 45 0 Summary Table Variable Coeff. Std. Err Intercept 57.76 3.544 BILLABLE HOURS 0.091 0.007