The Business School at Eastern College is collecting data as a first step in the preparation of next year's budget One cost that is being looked at closely is administrative staff as a function of student credit hours. Data on administrative costs and credit hours for the most recent 13 months follow Month July August September October November December January February March April May June July Total Average Administrative Costs 125.00 85,728 231,561 220,552 260,912 186,703 222,067 248,628 212,030 194,255 252,745 171,617 129.559 $ 2,541,445 $ 195,496 Credit Hour's 265 145 1,434 1,021 1,339 1,154 1,555 2,084 1,079 1.153 1,402 555 993 13, 57 1,044 The controller's office has analyzed the data and given you the results from the regression analysis, as follows. Help Save The controller's office has analyzed the data and given you the results from the regression analysis, as follows. SUMMARY OUTPUT Regression Statistics Multiple R 0.89811030 R Square 0.806602120 Adjusted R Square 0.789020490 Standard Error 24909.17180 Observations 13 ANOVA df 1 11 12 Regression Residual Total SS 28465505610.00 6825135256 35290640866.00 HS 28465585610.00 620466842 45.8888888 Significance 0.0000306 Intercept Credit Hours Coefficients 105251.885 86.4341338 Standard Error 15008.10755 12.7610121 T stat 7.01300127 6.77329788 P-value 0.0000223 0.0000306 Lower 95% 72219.2460 58.3473213 Upper 955 138254.5234 114.5209464 Required: a. In the standard regression equation y= a + bx, the letter bis best described as the O Constant coefficient O Correlation coefficient O Dependent variable O Independent variable O Variable cost coefficient a b. In the standard regression equation y= a + bx, the letter y is best described as the O Constant coefficient O Correlation coefficient O Dependent variable Independent variable O Variable cost coefficient c. In the standard regression equation y= a + bx, the letter x is best described as the O Constant coefficient O Correlation coefficient O Dependent variable Independent variable O Variable cost coefficient d. If the controller uses the high-low method to estimate costs the cost equation for administrative costs is (Do not round your intermediate calculations.) X Cost - $73,546 + ($84 Credit hours) Cost = $72,046 - ($94 * Credit hours) Cost = $173,546.00 Credit hours Cost = $74 Some other equation e. Based on the results of the controller's regression analysis, the estimate of administrative costs in a month with 1030 credit hours would be: (Round your intermediate calculations to 2 decimals.) 195,533 O 229.926 94,254 O 194 275 Some other amount f. The correlation coefficient (rounded) for the regression equation for administrative costs is 0.773 0.898 0.798 0.948 Some other amount f. The correlation coefficient (rounded) for the regression equation for administrative costs is: O 0.773 O 0.898 O 0.798 O 0.948 O Some other amount g. The percent of the total variance (rounded) that can be explained by the regression is: O 78.7 80.7 O 81.9 89.8 Some other amount