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Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in California. Management would like to better understand the variable and fixed portions of its car washing costs. The company operates its own car wash facility in which each rental car that is returned is thoroughly cleaned before being released for rental to another customer. Management believes that the variable portion of its car washing costs relates to the number of rental returns. Accordingly, the following data have been compiled: Month January February March April May June July August September October November December Rental Returns 2,300 2,500 2,700 2,900 3,600 4,900 5,500 5,300 4,600 3,800 2,100 2,600 Car Wash Costs $10,300 $12,800 $11,100 $13,200 $ 15,500 Fixed cost per month Variable cost per rental return $ 21,900 $21,500 $ 20,400 $ 22,100 $ 19,000 $ 10,000 $ 11,000 2. Using least-squares regression, estimate the variable cost per rental return and the monthly fixed cost incurred to wash cars. (Round Fixed cost to the nearest whole dollar amount and the Variable cost per unit to 2 decimal places.) $ S 100 3.56

Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in California. Management would like to better understand the variable and fixed portions of its car washing costs. The company operates its own car wash facility in which each rental car that is returned is thoroughly cleaned before being released for rental to another customer. Management believes that the variable portion of its car washing costs relates to the number of rental returns. Accordingly, the following data have been compiled: Month January February March April May June July August September October November December Rental Returns 2,300 2,500 2,700 2,900 3,600 4,900 5,500 5,300 4,600 3,800 2,100 2,600 Car Wash Costs $10,300 $12,800 $11,100 $13,200 $ 15,500 Fixed cost per month Variable cost per rental return $ 21,900 $21,500 $ 20,400 $ 22,100 $ 19,000 $ 10,000 $ 11,000 2. Using least-squares regression, estimate the variable cost per rental return and the monthly fixed cost incurred to wash cars. (Round Fixed cost to the nearest whole dollar amount and the Variable cost per unit to 2 decimal places.) $ S 100 3.56

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 25PPS
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Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in California. Management would like to better understand the variable and fixed portions of its car washing costs. The company operates its own car wash facility in which each rental car that is returned is thoroughly cleaned before being released for rental to another customer. Management believes that the variable portion of its car washing costs relates to the number of rental returns. Accordingly, the following data have been compiled: Month January February March April May June July August September October November December Rental Returns 2,300 2,500 2,700 2,900 3,600 4,900 5,500 5,300 4,600 3,800 2,100 2,600 Car Wash Costs $ 10,300 $12,800 $ 11,100 $ 13,200 $ 15,500 Fixed cost per month Variable cost per rental return $ 21,900 $ 21,500 $ 20,400 $ 22,100 $ 19,000 $ 10,000 $ 11,800 Check my work 2. Using least-squares regression, estimate the variable cost per rental return and the monthly fixed cost incurred to wash cars. (Round Fixed cost to the nearest whole dollar amount and the Variable cost per unit to 2 decimal places.) $ 100 $ 3.56
Transcribed Image Text:Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in California. Management would like to better understand the variable and fixed portions of its car washing costs. The company operates its own car wash facility in which each rental car that is returned is thoroughly cleaned before being released for rental to another customer. Management believes that the variable portion of its car washing costs relates to the number of rental returns. Accordingly, the following data have been compiled: Month January February March April May June July August September October November December Rental Returns 2,300 2,500 2,700 2,900 3,600 4,900 5,500 5,300 4,600 3,800 2,100 2,600 Car Wash Costs $ 10,300 $12,800 $ 11,100 $ 13,200 $ 15,500 Fixed cost per month Variable cost per rental return $ 21,900 $ 21,500 $ 20,400 $ 22,100 $ 19,000 $ 10,000 $ 11,800 Check my work 2. Using least-squares regression, estimate the variable cost per rental return and the monthly fixed cost incurred to wash cars. (Round Fixed cost to the nearest whole dollar amount and the Variable cost per unit to 2 decimal places.) $ 100 $ 3.56
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