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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Labor Cost $26,520 $37,274 $41,052 $32,506 $35,753 $33,558 $32,891 $39,374 $39,614 $48, 205 $43,300 $40,088 $35,378 $34,073 $37,974 $27,218 $31,495 $30,773 $28,338 $30,816 $26,389 $25,324 $29,675 $30,970 $28,882 $32,549 $29,428 $30,738 $29,209 $28,630 Visitors 2,400 3,659 3,968 3,137 3,350 3,080 3,113 3,778 3,897 5,042 4,201 3,959 3,410 3,298 3,541 2,963 4,795 3,933 3,405 4,196 2,823 2,533 4,612 5,389 3,659 4,622 4,220 4,306 3,545 2,930 Required: a. Estimate the labor costs assuming 3,200 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 3,200 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 Req C and D a. Estimate the labor costs assuming 3,200 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 > Complete this question by entering your answers in the tabs below. Reg A and B Reg 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 3,200 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 C. Labor cost d. The R-squared value suggests that the number of visitors only explains
