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 Administrative Costs 125,618 86,018 234, 429 222,594 263,578 189,011 225, 177 252,796 214,188 196,561 255, 549 172, 727 130, 345 $ 2,568,591 $ 197,584 Credit Hours 275 165 1,462 1,035 1,349 1,182 1,699 2,558 1,089 1,173 1,430 645 445 14,507 1,116 March April May June July Total Average 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 0.84763884 R Square 0.718491610 Adjusted R Square 0.692899940 Standard Error 30614.52490 Observations 13 ANOVA 28.0800000 Significance F 0.0002530 Regression Residual Total df 1 11 12 MS 26313468223.00 937249138 SS 26313468223.00 10309740512 36623208735.00 Intercept Credit Hours Coefficients 116553.014 72.6133469 Standard Error 17491.94585 13.7042393 T Stat 6.66323888 5.29860472 P-value 0.0000355 0.0002530 Lower 95% 78053.4809 42.4505044 Upper 95% 155052.5463 102.7761894 Required: a. In the standard regression equation y= a + bx, the letter b is best described as the: Constant coefficient Correlation coefficient Dependent variable Independent variable Variable cost coefficient b. In the standard regression equation y= a + bx, the letter y is best described as the: Constant coefficient Correlation coefficient Dependent variable 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 O 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.) Cost = $74,518 + ($70 x Credit hours) Cost = $73,018 + ($80 x Credit hours) Cost = $174,518.00 Credit hours Cost = $60 Some other equation e. Based on the results of the controller's regression analysis, the estimate of administrative costs in a month with 1,050 credit hours would be: (Round your intermediate calculations to 2 decimals.) 194,051 O228,444 92,772 192,794 Some other amount f. The correlation coefficient (rounded) for the regression equation for administrative costs is: O 0.723 0.848 O 0.748 O 0.921 Some other amount g. The percent of the total variance (rounded) that can be explained by the regression is: 69.8 71.8 73.0 84.8 Some other amount