Because these rates are significantly below the current rates charged for these services, management has asked for detailed cost information on each procedure. The following information is available for the most recent 12 months. Number of Procedures Month Total Cost x1 x2 X3 X4 1 $17.250 30 25 155 19 2 18,750 38 30 135 23 3 20,250 50 20 105 38 4 14,250 20 25 90 25 5 15,000 68 15 120 20 6 20,250 90 19 158 14 7 19,125 20 30 143 28 8 16,125 16 30 132 20 9 19,500 60 21 93 35 10 16,500 20 22 75 35 11 17,100 20 18 113 33 12 19,875 72 15 150 30 Required a. Use multiple regression analysis to determine the unit cost of each procedure. How much variation in monthly cost is explained by your cost-estimating equation? Round each answer to two decimal places. Y = 5 $ X1 + $ X3 + $ X2 + $ X4 b. Evaluate the rates proposed by the local business. Assuming Phoenix has excess capacity and no employees of the local business currently patronize the clinic, what are your recommendations regarding the proposal? Use negative signs with answers only to indicate a loss. Otherwise do not use negative signs with your answers. Comparison of Proposed Rates and Estimated Variable Costs Procedure X1 X2 X3 X4 Proposed rate $ $ 100 $ 200 $ 60 $ 300 Estimated cost Profit (loss) ( $ $ $ $ $ C. Evaluate the rates proposed by the local business. Assuming Phoenix is operating at capacity and would have to turn current customers away if it agrees to provide health services to the local business, what are your recommendations regarding the proposal? OPhoenix should accept the proposal. Phoenix should reject the proposal