Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Camp Rainbow offers overnight summer camp programs for children ages 1014 every summer during June and July. Each camp session is one week and can

Camp Rainbow offers overnight summer camp programs for children ages 1014 every summer during June and July. Each camp session is one week and can accommodate up to 200 children. The camp is not coed, so boys attend during the odd-numbered weeks and girls attend during the even-numbered weeks. While at the camp, participants make crafts, participate in various sports, help care for the camps resident animals, have cookouts and hayrides, and help assemble toys for local underprivileged children. The camp provides all food as well as materials for all craft classes and the toys to be assembled. One cabin can accommodate up to 10 children, and one camp counselor is assigned to each cabin. Three camp managers are on-site regardless of the number of campers enrolled. Following is the cost information for Camp Rainbows operations last summer:

Week

Number of Campers

Cost to Run Camp

1

154

$11,950

2

94

8,960

3

168

11,080

4

120

9,480

5

116

9,180

6

182

14,330

7

194

14,060

8

98

8,890

Required: 1. Perform a least-squares regression analysis on Camp Rainbows data. (Use Microsoft Excel or a statistical package to find the coefficients using least-squares regression. Round your answers to 2 decimal places.)

Coefficients

Intercept

X Variable 1

54.91

2. Using the regression output, create a cost equation (y = a + bx ) for estimating Camp Rainbows operating costs.

Total Cost =

+

54.91

Number of Campers

3. Using the least-squares regression results, calculate the camps expected operating cost if 125 children attend a session. (Round your intermediate calculations and final answer to 2 decimal places.)

Total Cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Audit Automation Applying Computer Assisted Audit Techniques

Authors: Edward J. Winslow

1st Edition

1973281015, 978-1973281016

More Books

Students also viewed these Accounting questions

Question

A web server contains resource trees.html with an ETag of 4 5 6 bcs

Answered: 1 week ago