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 $ 26,720 2,600 2 $ 37,555 3,964 3 $ 41,361 4,299 4 $ 32,751 3,398 5 $ 36,022 3,630 6 $ 33,811 3,336 7 $ 33,139 3,372 8 $ 39,671 4,093 9 $ 39,912 4,222 10 $ 48,568 5,463 11 $ 43,627 4,551 12 $ 40,390 4,289 13 $ 35,644 3,694 14 $ 34,330 3,573 15 $ 38,260 3,836 16 $ 27,424 3,210 17 $ 31,732 5,195 18 $ 31,005 4,260 19 $ 28,552 3,689 20 $ 31,049 4,546 21 $ 26,588 3,058 22 $ 25,515 2,744 23 $ 29,899 4,997 24 $ 31,204 5,838 25 $ 29,099 3,964 26 $ 32,795 5,007 27 $ 29,650 4,572 28 $ 30,970 4,665 29 $ 29,429 3,841 30 $ 28,846 3,174 Required: a. Estimate the labor costs assuming 3,400 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 3,400 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?

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 $26,720 $37,555 $41,361 $32,751 $36,022 5 $33, 811 $33,139 $39,671 $39,912 $48,568 $43,627 $40,390 $35,644 Visitors 2,600 3,964 4,299 3,398 20 3,630 303 3,336 3,372 15093 4,093 4.222 4,222 5,463 4,551 4,289 3,694 8 9 10 19 11 11 12 13 14 15 16 17 18 19 20 21 22 $34, 330 $38,262 3,573 3,836 3,210 5,195 2400 $27,424 $31,732 21. aas $31,005 eine $28,552 51125 $31,049 $26,588 $25,515 $29,899 $31, 204 4,260 3,689 4,546 * 3,058 2,744 4,997 5,838 3,964 22 5,007 4,572 4,665 3,841 3,174 $29,099 27 28 29 30 $32,795 $29,650 $30,970 $29,429 $28, 846 Required: a. Estimate the labor costs assuming 3,400 visitors for the month using the results of a simple regression based on the 30 months of available data. Required: a. Estimate the labor costs assuming 3,400 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 3,400 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. Req A and B Req C and D a. Estimate the labor costs assuming 3,400 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 Req A and B Req C and D 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 3,400 visitors using the results of a simple regression based on the data for months 16 through 30 only. (Do not round intermediate calculations and round your final answer to 2 decimal places.) d. What percentage of the variance in the data does the R-squared value explain? Show less A c. Labor cost d. The R-squared value suggests that the number of visitors only explains