nt 1. imal 1. Determine the lab's cost equation (use the output from the Excel regression). 2. Determine the R-squared (use the output from the Excel regression). 3. Predict the total laboratory overhead for the month if 3,500 tests are performed. A D 1 1 SUMMARY OUTPUT 2 Regression Statistics 3 Multiple R 0.878214 4 R Square 0.77126 5 Adjusted R Square 0.725512 6 Standard Error 3156.338706 7 Observations 7 8 ANOVA 9 df SS MS F Significance F 10 Regression 1 167956201.28 167956201.28 16.858885 0.009301 11 Residual 5 49812370.15 9962474.03 12 Total 6 217768571.43 13 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% 14 Intercept 3187.94 5092.169 0.626 0.559 -9901.898 16277.778 15 X Variable 1 6.84 1.666 4.106 0.009 2.558 11.123 Number of Lab Tests Performed Total Laboratory Overhead Costs 3,000 $21,900 2,850 $20,600 Month January .... February March .... April May .... June 3,400 $28,900 3,700 $31,000 3,900 $28,000 1,900 $20,200 July 2,050 $14,000 The manager of the main laboratory facility at CapitalFit Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. The lab manager collected the following data for the first seven months of the year. (Click the icon to view the data.) The laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows: |(Click the icon to view the completed regression analysis.) Read the requirements. Requirement 1. Determine the lab's cost equation (use the output from the Excel regression). (Round the amounts to two decimal places.) y = X +