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The Burlington Emergency Veterinary Laboratory performs a variety of diagnostic test on commercial and domestic animals. The lab has incurred the following costs over the

The Burlington Emergency Veterinary Laboratory performs a variety of diagnostic test on commercial and domestic animals. The lab has incurred the following costs over the past year.

Month

Tests Completed

Cost

Jan

3,100

$ 50,200

Feb

4,500

$ 74,500

Mar

7,100

$ 99,000

Apr

6,200

$ 95,600

May

4,700

$ 74,800

Jun

5,900

$ 89,000

Jul

6,000

$ 91,000

Aug

6,150

$ 90,000

Sep

5,300

$ 87,000

Oct

4,900

$ 76,200

Nov

4,800

$ 78,100

Dec

5,050

$ 80,700

Using the above information, run a simple regression output and determine the following :

a. The cost equation to determine monthly lab testing costs.

b. The standard error amount.

c. The total lab testing costs for 5,700 tests (show your calculations).

d. How reliable is this information? What information did you use to support your answer?

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