ared is Requirements Use Microsoft Excel to run a regression analysis, then do the following: Determine the company's cost equation (use the output from the Excel regression). 1. 2. Determine the R-squared (use the output from the Excel regression). What does Flower Mode's R-squared indicate? 3. Predict van operating costs at a volume of 17,000 miles assuming the company would use the cost equation from the Excel regression regardless of its R-squared. Should the company rely on this cost estimate? Why or why not? Data table Flower Mode Print Done - x - X ared indicates words, it Month Miles Driven Van Operating Costs de umes within the January.. 16,400 $5,480 ent 3. Predict February.. 17,500 $5,400 use the cost eq of its R-squa our answer to th March 15,000 $4,950 ting costs at April 16,100 $5,270 company rel May 17,300 $5,740 June 15,600 $5,440 July.... 14,500 $4,680 Kelly Meyer, owner of Flower Mode, operates a local chain of floral shops. Each shop has its own delivery van Instead of charging a flat delivery fee, Meyer wants to set the delivery fee based on the distance driven to deliver the flowers. Meyer wants to separate the fixed and variable portions of her van operating costs so that she has a better idea how delivery distance affects these costs. She has the following data from the past seven months. (Click the icon to view the data.) Read the requirements Requirement 1. Determine the company's cost equation (use the output from the Excel regression). (Round the amounts to two decimal places.) y= x+ Requirement 2. Determine the R-squared (use the output from the Excel regression). The R-squared is What does Flower Mode's R-squared indicate? The R-squared indicates that the cost equation explains Flower Mode of the variability in the data. In other words, it feel confident using this cost equation to predict total costs at other volumes within the same relevant range Requirement 3. Predict van operating costs at a volume of 17,000 miles assuming the company would use the cost equation from the Excel regression regardless of its R-squared. Should the company rely on this cost estimate? Why or why not? (Round your answer to the nearest cent.) The operating costs at a volume of 17,000 miles is Should the company rely on this cost estimate? Why or why not? Kelly Meyer, owner of Flower Mode, operates a local chain of floral shops Each shop has its own delivery van. Instead of charging a flat delivery fee. Meyer wants to set the delivery fee based on the distance driven to deliver the flowers. Meyer wants to separate the fixed and variable portions of her val operating costs so that she has a better idea how delivery distance affects these costs. She has the following data from the past seven months (Click the icon to view the data.) Read the requirements y= x+ Requirement 2. Determine the R-squared (use the output from the Excel regression). The R-squared is What does Flower Mode's R-squared indicate? The R-squared indicates that the cost equation explains Flower Mode of the variability in the data. In other words, it feel confident using this cost equation to predict total costs at other volumes within the same relevant range Requirement 3. Predict van operating costs at a volume of 17,000 miles assuming the company would use the cost equation from the Excel regression regardless of its R-squared. Should the company rely on this cost estimate? Why or why not? (Round your answer to the nearest cent) The operating costs at a volume of 17,000 miles is Should the company rely on this cost estimate? Why or why not? Since the R-squared is the company