Palisades Eco-Park is a small ecological reserve that admits a relatively small number of visitors on any day, but provides both educational and entertaining lectures, exhibitions, and opportunities to observe nature. The company has collected the following data on labor costs and number of visitors to the park over the last 30 months Month Labor Cost Visitors 1 $25,620 1,500 2 536,009 2,287 3 $39.658 2,480 31.03 1,90 5 $34.599 2.004 6 $32.410 1,925 7 331,775 1.946 8 $38,038 2,361 538,202 2,636 10 546,569 3.151 11 $41,831 2.626 338,728 2.474 534,177 2.11 14 $32.916 2.061 15 536,685 2,213 326,295 1.852 17 $30,426 2,992 $29.729 2.458 19 527,377 2,128 20 $29.770 2.623 21 $25,493 1,764 22 524,465 1,583 $20.668 2,883 24 $29,919 3,360 25 $27.901 2,267 531,464 2.633 519,695 2,691 20 528,218 2.216 327,658 1.31 2.889 528,429 Required: a. Estimate the labor costs assuming 2,300 visitors for the month using the results of a simple regression based on the 30 months of available data b. What percentage of the variance in the data does the R-squared value explain? c. You learn that starting in month 16, the park started using a different more automated system for interacting with visitors. Estimate the labor cost assuming 2.300 visitors using the results of a simple regression based on the data for months 16 through 30 only. d. What percentage of the variance in the data does the R-squared value explain? Required: a. Estimate the labor costs assuming 2,300 visitors for the month using the results of a simple regression based on the 30 months of available data b. What percentage of the variance in the data does the R-squared value explain? c. You learn that starting in month 16, the park started using a different more automated system for interacting with visitors Estimate the labor cost assuming 2,300 visitors using the results of a simple regression based on the data for months 16 through 30 only d. What percentage of the variance in the data does the R-squared value explain? Complete this question by entering your answers in the tabs below. Reg A and B ReqC and D a. Estimate the labor costs assuming 2,300 visitors for the month using the results of a simple regression based on the 30 months of available data. (Do not round intermediate calculations, Round your final answer to 2 decimal places) b. What percentage of the variance in the data does the R-squared value explain? a Labor cost b. The R-squared value suggests that the number of visitors only explains Reg A and ReqC and D >
