The manager of the main laboratory facility at Elmhurst Health Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of The laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows: lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. The lab manager collected the following data for the first seven months of the year. (Click the icon to view the data.) (Click the icon to view the completed regression analysis.) Read the requirements. Requirement 1. Determine the lab's cost equation (use the output from the Excel regression). (Round the amounts to two decimal places.) y= $ 6.84 x + $3,187.94 Requirement 2. Determine the R-squared (use the output from the Excel regression). The R-squared is 0.77126 What does Elmhurst Health's R-squared indicate? The R-squared indicates that the cost equation explains 77.1% of the variability in the data. In other words, it should be used with caution. Elmhurst Health may or may not Requirement 3. Predict the total laboratory overhead for the month if 3,100 tests are performed. (Round your answer to the nearest cent.) feel confident using this cost equation to predict total costs at other volumes within the same relevant range. The total laboratory overhead at a volume of 3,100 lab tests is $ 24,391.94