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Sweet Valley High School is planning its 2 0 - year class reunion for the class of 2 0 0 3 . In estimating costs
Sweet Valley High School is planning its year class reunion for the class of In estimating costs for the reunion, the planning committee compiled a number of people in attendance and related total costs for each previous class reunion held. The data was then entered in a spreadsheet program and a regression analysis was performed. The analysis resulted in the following cost behavior equation: and indicated that of variability in total costs could be explained by the number of people in attendance.
Which of the following statements is incorrect if the committee is expecting people to attend the reunion and all costs should be covered by those who attend?
The variable coefficient is and the intercept coefficient is
If the estimate is correct, the total fixed costs will be $
Assuming the estimate is realistic, the minimum price that should be charged per person is $
It is unlikely that an outlier exists in the data used to perform the regression analysis.
The best estimate of total costs for the reunion is $
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