The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c.

Overhead Costs Billable Hours

395000 2000

435000 3000

460000 4000

513000 5000

580000 6000

605000 7000

a. Develop a simple linear regression model between billable hours and overhead costs.

Overhead Costs=

nothing

+

Billable Hours

(Round the constant to one decimal place as needed. Round the coefficient to four decimal places as needed. Do not include the$ symbol in youranswers.)