Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Ritz Theater uses the regression analysis method to estimate fixed cost per month and variable costs per ticket sold. Summary output of regression statistics

The Ritz Theater uses the regression analysis method to estimate fixed cost per month and variable costs per ticket sold. Summary output of regression statistics is provided below: SUMMARY OUTPUT Regression Statistics Multiple R 0.825358 R Square 0.681216 Adj RSquare 0.656695 Stand Error 39.35892 Observations 15 ANOVA df SS MS F Sig E Regression Residual 1 43,034.7 43,034.71 27.780017 0.000151 13 20,138.6 1,549.12 Total 14 63.173.3 Lower Upper Lower Upper 95% 95% 95% 487.3612 Coefficients Std Error tStat P-value 95% Intercept 2621.21 101.8073 2.626725 0.020917 47.478460 487.3612 47.478460 X Variable 35.58 6.1023 5.270675 0.000151 18.980154 45.3467 18.980154 45.3467 The company is considering an advertising campaign that is expected to increase annual sales by 3,000 tickets. Tickets are sold for $120 each. Ignoring the cost of the advertising campaign, what is the expected increase in profit associated with the advertising campaign? $253.200 $250,630 $260,000 $265.000 O$270,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

1. What is meant by Latitudes? 2. What is cartography ?

Answered: 1 week ago

Question

What is order of reaction? Explain with example?

Answered: 1 week ago

Question

explain the need for human resource strategies in organisations

Answered: 1 week ago

Question

describe the stages involved in human resource planning

Answered: 1 week ago