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 Administrative Costs Credit Hours July $ 125.000 265 August 85,728 145 September 231,561 1,434 October 220,552 1,021 November 260,912 1.333 December 186,703 January 222,067 1,555 February 248,628 2,064 March 212,030 1,079 April 194,255 1,15 May 252,745 1,402 June 171,617 555 July 129,559 393 Total $ 2.541.445 13.573 Average 3 195,496 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 0.789920490 Standard Error 24909.17180 Observations 13 ANOVA Significance 0.0000306 Regression Residual Total 45.8800000 df 1 11 12 MS 28465505610.00 620466842 SS 28465505610.00 6825135256 35290640866.00 Coefficients 105251.885 86.4341338 Standard Error 15008.10755 12.7610121 T Stat 7.01300177 6.72329768 P-value Lower 95% 0.0000223 72219.2460 0.0000306 58.3473213 Intercept Credit Hours Upper 95% 138284.5234 114.5209464 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 b. In the standard regression equation y= a + bx, the letter y is best described as the O Constant coefficient Correlation coefficient O Dependent variable O Independent variable 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.) - O Cost = $73,546 + ($84 Credit hours) Cost = $72,046+($94 Credit hours) Cost = $173.546.00 Credit hours Cost = $74 Some other equation 32 e. Based on the results of the controller's regression analysis, the estimate of administrative costs in a month with 1.030 credit hours would be: (Round your intermediate calculations to 2 decimals.) 195,533 O 229.926 94,254 194 275 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 Some other amount g. The percent of the total variance (rounded) that can be explained by the regression is: O 78.7 O 80.7 O 81.9 O 89.8 Some other amount