Question 3: Jim's Lumber wanted to determine the relationship between its monthly operating costs and a potential cost driver, machine hours. The output of a regression analysis performed using Microsoft Excel showed the following information: 0.92 Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 148,38 ANOVA df F 52.06221 Significance F 0.0000 1 Regression Residual Total SSMS 573116.9 573117 110083.1 11008 683200 10 11 t Coefficients Standard Error 1263.34 806.85 0.26 0.05 Stat 1.57 Intercept X Variable 1 P-value 0.15 0.00 Lower 95% (534.43) 0.15 Upper 95% 3061.11 0.37 5.10 A. Given this output, write the firm's monthly cost equation. 2 points B. Should the equation be used to predict monthly operating costs? Explain. 2 points C. Predict the operating costs if Jim's Lumber uses 3,200 machine hours during the month. 1 point