Regression Analysis Handout Betty Yeager has been operating a dental practice for the past five years. As part of her practice. she provides a dental hygiene service. She has found that her costs for this service increase with patient load. Costs for this service over the past eight months are as follows Patients Served i Month May Total Cost 320 $2,000 June 4801 $2.500 July 600 $3,000 August 200 $1.900 September 720 $4,500 October 560 $2.900 November 630) $3.400 December 300 $2,200 Questions: L Determine the cost estimation model using the high-low method. 2. 3. 4. 5. Estimate the cost of dental hygiene services for January for 450 patients using the cost estimation model from (1) Determine the cost estimation model using the method of least squares, Estimate the cost of dental hygiene services for January for 450 patients using the cost estimation model from (3) Determine the coefficient of determination. What does this measure tell you about the cost estimation model from (3) Joe Bauer Inc. specializes in the painting of older homes and employs several painters. It is essential for Joe Bauer to have accurate cost estimates so he can estimate painting costs before he accepts a job. Joe has been using the home's square feet for his paint cost estimates. Recently, he decided to use the mumber of openings (total number of doors and windows) in a house as a cost driver since the cost of painting trim work around doors and windows is significant. Joe has kept records of his past 12 jobs: Job Sq. feet 1 2600 Openings 13 Cost (S) 3300 2 3010 15 3750 3 2800 12 3100 4 2850 12 3150 5 4050 19 4700 6 2700 13 3250 7 2375 11 2800 8 2450 11 2800 9 2600 10 2875 10 3700 16 4100 11 2650 13 3200 12 3550 16 3950 a. Joe has been offered a job to paint a 3400 square foot home with 14 openings for $4,000. If Joe has minimum acceptable profit margin of 20% over cost. should he accept the job. Explain your answe