i Graph/Chart X Number of room-nights rented and utilities cost $7,000- Q S6.000- $5,000 + $4,000 Utilities cost $3.000- $2.000 $1.000- SO 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Number of room-nights rented Print Done The local Hyatt Place hotel collected seven months of data on the number of room-nights rented per month and the monthly utilities cost. The data was graphed, resulting in the following scatterplot: (Click the icon to view the scatterplot.) Read the requirements The high-low method uses to form the line and cost equation. 1. Would the high-low method or regression analysis result in a more accurate cost equation for the data pictured in the scatterplot? Explain. Generally speaking, regression analysis results cost equations than does the high-low method. Regression analysis uses to form the line and cost equation that In the scatterplot, the low volume data point is while the high-volume data point is compared to the other data points. As a result, the 2. A regression analysis of the data revealed an R-squared figure of 0.939. Interpret this figure in light of the lowest and highest possible R-squared values The R-square value will range from An R-square value of is the highest possible value and occurs only if the data points The lowest possible R-square value of occurs when the data points are Therefore, an R-square of 0.939 is and indicates that the regression line 3. As a manager, would you be confident predicting utilities costs for other room-night volumes within the same relevant range? With an R-square value of 0.939, a manager in using the regression cost equation to predict utilities costs for other volumes within the same relevant range. very well. i Graph/Chart X Number of room-nights rented and utilities cost $7,000- Q S6.000- $5,000 + $4,000 Utilities cost $3.000- $2.000 $1.000- SO 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Number of room-nights rented Print Done The local Hyatt Place hotel collected seven months of data on the number of room-nights rented per month and the monthly utilities cost. The data was graphed, resulting in the following scatterplot: (Click the icon to view the scatterplot.) Read the requirements The high-low method uses to form the line and cost equation. 1. Would the high-low method or regression analysis result in a more accurate cost equation for the data pictured in the scatterplot? Explain. Generally speaking, regression analysis results cost equations than does the high-low method. Regression analysis uses to form the line and cost equation that In the scatterplot, the low volume data point is while the high-volume data point is compared to the other data points. As a result, the 2. A regression analysis of the data revealed an R-squared figure of 0.939. Interpret this figure in light of the lowest and highest possible R-squared values The R-square value will range from An R-square value of is the highest possible value and occurs only if the data points The lowest possible R-square value of occurs when the data points are Therefore, an R-square of 0.939 is and indicates that the regression line 3. As a manager, would you be confident predicting utilities costs for other room-night volumes within the same relevant range? With an R-square value of 0.939, a manager in using the regression cost equation to predict utilities costs for other volumes within the same relevant range. very well