Problem 5-64 (Algo) Interpretation of Regression Results (LO 5-5) Brews 4 U is a local chain of coffee shops. Managers are interested in the costs of the stores believe that the costs can be explained in large part by the number of customers patronizing t stores. Monthly data regarding customer visits and costs for the preceding year for one of the stores have been entered into the regression analysis. 5,400 43,800 Average monthly customer-visits Average monthly total costs Regression results: Intercept b coefficient 687.65 7.59 0.79754 Required: a. In a regression equation expressed as y= a + bx, how is the letter b best described? b. How is the letter y in the regression equation best described? c. How is the letter x in the regression equation best described? d. Based on the data derived from the regression analysis, what are the estimated costs for 370 customer-visits in a month? e. What is the percent of the total variance that can be explained by the regression equation? Complete this question by entering your answers in the tabs below. Req A to C Req D Req E a. In a regression equation expressed as y = a + bx, how is the letter b best described? b. How is the letter y in the regression equation best described? c. How is the letter x in the regression equation best described? a. In a regression equation expressed as y = a + bx, how is the letter b best described? The letter bis best described as the estimate of the cost for an additional customer visit. The letter b is best described as the observed store cost for a given month. The letter b is best described as the observed customer visits for a given month. b. How is the letter y in the regression equation best desgsbed? The letter y is best described as the estimate of the cost for an additional customer visit The letter y is best described as the observed store cost for a given month The letter y is best described as the observed customer visits for a given month. How is the letter x in the regression equation best described? The letter x is best described as the estimate of the cost for an additional customer visit The letter x is best described as the observed store cost for a given month The letter x is best described as the observed customer visits for a given month. Complete this question by entering your answers in the tabs below. Reg A to C Reg D ReqE Based on the data derived from the regression analysis, what are the estimated costs for 370 customer-visits in a month? (DO not round Intermediate computations. Round your answer to 2 decimal places.) Estimated cost Complete this question by entering your answers in the tabs below. Reg A to C Reg D Reg E What is the percent of the total variance that can be explained by the regression equation? (Enter your answer as a percentage rounded to 1 decimal place (.e., 32.1)) Total variance explained