Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Maria Chavez owns a catering company that serves food and beverages at parties and business functions. Chavez's business is seasonal, with a heavy schedule during the summer months and holidays and a lighter schedule at other times. One of the major events Chavez's customers request is a cocktail party. She offers a standard cocktail party and has estimated the cost per guest as follows: 2 points Food and beverages (e.5 hour@ $9.80 $ 17.00 Skipped 4.90 /hr.) Overhead (0.5 hour $18.58/hr.) 9.29 eBook S31.19 Total cost per guest Print References The standard cocktail party lasts three hours and Chavez hires one worker for every six guests, so that works out to one- half hour of labor per guest. These workers are hired only as needed and are paid only for the hours they actually work When bidding on cocktail parties, Chavez adds a 13% markup to yield a price of about $35 per guest. She is confident about her estimates of the costs of food and beverages and labor but is not as comfortable with the estimate of overhead cost. The $18.58 overhead cost per labor-hour was determined by dividing total overhead expenses for the last 12 months by total labor-hours for the same period. Monthly data concerning overhead costs and labor-hours follow: Overhead Month Labor-Hours Expenses 45,000 49,000 2,500 2,500 2,700 January February March 50,000 54,000 57,000 61,000 64,000 67,000 65,000 58,000 54,000 62,000 April May 3,900 4,200 June 5,200 July August September 6,200 7,200 6,700 4,200 October November 3,800 6,200 December 686,000 Total 55,300 Chavez has received a request to bid on a local charity. (The party would last the usual three hours.) She would like to win this contract because the guest list for this charity event includes many prominent individuals that she would Ilike to secure as future clients. Maria is confident that these potential customers would be favorably impressed by her company's services at the charity event 175-guest fundraising cocktail party to be given next month by an important 2a. Use the least-squares regression method to estimate the fixed and variable components of overhead expenses. 2b. Express these estimates in the form Y= a + bX