Please help me identify the correct answers and the reason as to why, for the question below, so I can better understand the material.
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 + $ X i Data Table er s ed Number of Lab Tests Total Laboratory Month Performed Overhead Costs ut 3,300 $29,000 January February 3,100 March.. 3,900 April 3,850 4,100 $28,500 $30,000 $31,000 $26,500 $19,100 May June.. 2,100 July 2,300 $15,900 Print Done Clear All SUMMARY OUTPUT Regression Statistics Multiple R 0.838886 R Square 0.70373 Adjusted R Square 0.644476 Standard Error 3489.925912 Observations 7 ANOVA df SS MS F Significance F Regression 1 144655657 na 144650657 11 876487 nn18312 Print Done ANOVA df SS MS F Significance F Regression 1 144650657.06 144650657.06 11.876487 0.018312 5 60897914.37 Residual 12179582.873 6 205548571.43 Total Standard Lower Upper Coefficients Error t Stat P-value 95% 95% Intercept 5627.61 5975.992 0.942 0.390 -9734.165 20989.389 X Variable 1 6.21 1.801 3.446 0.018 1.577 10.838 Print Done 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 + $ X i Data Table er s ed Number of Lab Tests Total Laboratory Month Performed Overhead Costs ut 3,300 $29,000 January February 3,100 March.. 3,900 April 3,850 4,100 $28,500 $30,000 $31,000 $26,500 $19,100 May June.. 2,100 July 2,300 $15,900 Print Done Clear All SUMMARY OUTPUT Regression Statistics Multiple R 0.838886 R Square 0.70373 Adjusted R Square 0.644476 Standard Error 3489.925912 Observations 7 ANOVA df SS MS F Significance F Regression 1 144655657 na 144650657 11 876487 nn18312 Print Done ANOVA df SS MS F Significance F Regression 1 144650657.06 144650657.06 11.876487 0.018312 5 60897914.37 Residual 12179582.873 6 205548571.43 Total Standard Lower Upper Coefficients Error t Stat P-value 95% 95% Intercept 5627.61 5975.992 0.942 0.390 -9734.165 20989.389 X Variable 1 6.21 1.801 3.446 0.018 1.577 10.838 Print Done
