Palisades Eco-Park is a small ecological reserve that admits a relatively small number of visitors on any day, but provides both educational and entertaining lectures, exhibitions, and opportunities to observe nature. The company has collected the following data on labor costs and number of visitors to the park over the last 30 months. Month Labor Cost Visitors 2,500 3,812 1 $26,620 $37,415 $41,206 $32,628 $35,888 $33,685 $33,015 $39,522 2 4,134 3,267 3,490 3,208 3,243 3,936 4,059 5,252 4,376 4,124 3,552 3,436 3,688 3,087 4,995 3 4 6 7 8. $39,763 $48,387 $43,463 $40,239 $35,511 $34, 201 10 11 12 13 14 $38,117 $27,321 $31,613 $30,889 $28,445 $30,932 $26,488 $25,419 $29,787 $31,087 $28,990 $32,672 $29,539 $30,854 $29,319 $28,738 15 16 17 18 4,097 3,547 4,371 2,941 2,639 4,804 5,614 3,812 4,814 4,396 4,485 3,693 3,052 19 20 21 22 23 24 25 26 27 28 29 30 Required: a. Estimate the labor costs assuming 3,300 visitors for the month using the results of a simple regression based on the 30 months of available data. b. What percentage of the variance in the data does the R-squared value explain? c. You learn that starting in month 16, the park started using a different, more automated system for interacting with visitors. Estimate the labor cost assuming 3,300 visitors using the results of a simple regression based on the data for months 16 through 30 only. d. What percentage of the variance in the data does the R-squared value explain?
Palisades Eco-Park is a small ecological reserve that admits a relatively small number of visitors on any day, but provides both educational and entertaining lectures, exhibitions, and opportunities to observe nature. The company has collected the following data on labor costs and number of visitors to the park over the last 30 months. Month Labor Cost Visitors 2,500 3,812 1 $26,620 $37,415 $41,206 $32,628 $35,888 $33,685 $33,015 $39,522 2 4,134 3,267 3,490 3,208 3,243 3,936 4,059 5,252 4,376 4,124 3,552 3,436 3,688 3,087 4,995 3 4 6 7 8. $39,763 $48,387 $43,463 $40,239 $35,511 $34, 201 10 11 12 13 14 $38,117 $27,321 $31,613 $30,889 $28,445 $30,932 $26,488 $25,419 $29,787 $31,087 $28,990 $32,672 $29,539 $30,854 $29,319 $28,738 15 16 17 18 4,097 3,547 4,371 2,941 2,639 4,804 5,614 3,812 4,814 4,396 4,485 3,693 3,052 19 20 21 22 23 24 25 26 27 28 29 30 Required: a. Estimate the labor costs assuming 3,300 visitors for the month using the results of a simple regression based on the 30 months of available data. b. What percentage of the variance in the data does the R-squared value explain? c. You learn that starting in month 16, the park started using a different, more automated system for interacting with visitors. Estimate the labor cost assuming 3,300 visitors using the results of a simple regression based on the data for months 16 through 30 only. d. What percentage of the variance in the data does the R-squared value explain?
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter5: A Survey Of Other Common Functions
Section5.3: Modeling Data With Power Functions
Problem 6E: Urban Travel Times Population of cities and driving times are related, as shown in the accompanying...
Related questions
Question
100%
Need assistance with A-C please
Transcribed Image Text:Palisades Eco-Park is a small ecological reserve that admits a relatively small number of visitors on any day, but provides both
educational and entertaining lectures, exhibitions, and opportunities to observe nature. The company has collected the following data
on labor costs and number of visitors to the park over the last 30 months.
Month
Labor Cost
$26,620
$37,415
$41, 206
$32,628
$35,888
$33,685
$33,015
$39,522
$39,763
$48,387
$43,463
$40, 239
$35,511
$34, 201
$38,117
$27,321
$31,613
$30,889
$28,445
$30,932
$26,488
$25,419
$29,787
$31,087
$28,990
$32,672
$29,539
$30,854
$29,319
$28,738
Visitors
2,500
3,812
4,134
3,267
3,490
3,208
3,243
3,936
4,059
5,252
4,376
4,124
1
2
3
4
6
7
8
10
11
12
3,552
3,436
3,688
3,087
4,995
4,097
3,547
4,371
13
14
15
16
17
18
19
20
2,941
2,639
4,804
5,614
3,812
4,814
4,396
4,485
3,693
3,052
21
22
23
24
25
26
27
28
29
30
Required:
a. Estimate the labor costs assuming 3,300 visitors for the month using the results of a simple regression based on the 30 months of
available data.
b. What percentage of the variance in the data does the R-squared value explain?
c. You learn that starting in month 16, the park started using a different, more automated system for interacting with visitors. Estimate
the labor cost assuming 3,300 visitors using the results of a simple regression based on the data for months 16 through 30 only.
d. What percentage of the variance in the data does the R-squared value explain?
Complete this question by entering your answers in the tabs below.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.Recommended textbooks for you
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning