The manager of the main laboratory facility at MetroFit 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 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. E: (Click the icon to view the data.) The laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows: (Click the icon to view the completed regression analysis.) Read the requirements C. Requirement 1. Determine the lab's cost equation (use the output from the Excel regression). (Round the amounts to two decimal places.) y = X- Requirement 2. Determine the R-squared (use the output from the Excel regression) The R-squared is What does MetroFit's R-squared indicate? MetroFit feel confident using this cost equation to predict total The R-squared indicates that the cost equation explains of the variability in the data. In other words, it costs at other volumes within the same relevant range. Requirement 3. Predict the total laboratory overhead for the month if 3,400 tests are performed. (Round your answer to the nearest cent.) The total laboratory overhead at a volume of 3,400 lab tests is The manager of the main laboratory facility at MetroFit Center is interested in bein casts each month for the lab The manager believes that total overhead varies wit| Data Table ea 0.92398 Data Table 3 Multiple R 4 R Square 0.853738 0.824486 Number of Lab Tests Performed 5 Adjusted R Square 6 Standard Error Total Laboratory Overhead Costs Month 2176.878742 2,700 $22.900 7 Observations 2.500 $23,500 8 ANOVA January ..... February .... March April.... May 3,500 $29,800 df SS 9 10 Regression MS F Significance F 138303137.57 29.185259 0.002937 4,000 1 138303137.57 $32,500 $31,100 4,600 11 Residual 5 23694005.29 4738801.058 June 2,000 $22,000 12 Total 6 161997142.86 July ........ 2.250 $19,100 13 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% 10637.34 2932.412 3.628 18175.349 14 Intercept 15 X Variable 1 0.015 0.003 3099.339 2.589 4.94 0.914 5.402 7.289 | Print Done