(b) You have run a regression analysis on the available data and come up with the following output. Use the information from the analysis to calculate a revised variable cost per person for the Cocktail Party Package. (2 marks) R Square F Signicance F 0.961010104 221.829034 1.1998E-07 Coeia'ents Standard Error Intercept 71968.18923 ) 1989006727 361829793 4.65757E-11 Labour Hours 3.996737357 (1268346797 1489392608 1.1998E-O7 (c) Explain to Peter why you are confident that your regression analysis provides a reliable estimate of Party Plus' total overhead cost for their Cocktail Party offering. [3 ma rks) (d) Peter has been asked to prepare a bid for a 250person cocktail party, to be held next month. What would you recommend the minimum bid price for this cocktail party be for Party Plus to achieve their desired markup on the bid? Justify your recommendation. [2 marks) (e) Peter has also just heard about the HighLow method, and wants you to consider this approach to estimating overhead costs for the Party Package. (i) Calculate and write out overhead cost function for the Cocktail Function service using the HighLow method. (3 marks). (ii) Explain to Peter why you believe regression analysis is a superior approach to the HighLow method. (2 marks)