The Angla Ruston University operates a Laundromat, solely for the purpose of providing laundering services tostudents in residence. You have been hired as accounting students to analyze the cost of the laundering servicesand develop a cost function which describes the behaviour of the laundering costs.The university administration has assembled the data for a twelve-month period pertaining to the monthly totalcosts of providing the service and the corresponding number of students who used the laundering facilities eachmonth. You were recently taught how to use the Excel graphing tool and a member of the team successfullygenerated the scattergram given below from the data set provided.Total Laundering Costs300,000250,000200,000150,000100,00050,0000ANGLA RUSTON UNIVERSITY SCATTER DIAGRAM5001,0001,500Line of Best Fit# of Students Laundering2,0002,5003,000The other team members are now tasked to use the graph to provide the administrators with a detailed responseto the following questions:a) What is another name for the "line of best fit" in Excel? What is the purpose of this line?b) Using the "line of best fit", determine Angla Ruston University's fixed cost per month and the variable costper student. (Use 0 & 2,500 students.)c) Based on the scatter gram, what is the equation of the total mixed cost function?d) In August of the upcoming academic year, the university expects the number of students using theLaundromat to increase to 3,400. What is the expected total laundering cost for August?

In the scatter diagram, the variable that is considered on the x-axis is "number of students…

The Angla Ruston University operates a Laundromat, solely for the purpose of providing laundering services to students in residence. You have been hired as accounting students to analyze the cost of the laundering services and develop a cost function which describes the behaviour of the laundering costs. The university administration has assembled the data for a twelve-month period pertaining to the monthly total costs of providing the service and the corresponding number of students who used the laundering facilities each month. You were recently taught how to use the Excel graphing tool and a member of the team successfully generated the scattergram given below from the data set provided. Total Laundering Costs 300,000 250,000 200,000 150,000 100,000 50,000 0 0 ANGLA RUSTON UNIVERSITY SCATTER DIAGRAM 500 1,000 Line of Best Fit 1,500 # of Students Laundering 2,000 2,500 3,000 The other team members are now tasked to use the graph to provide the administrators with a detailed response to the following questions: a) What is another name for the "line of best fit" in Excel? What is the purpose of this line? b) Using the "line of best fit", determine Angla Ruston University's fixed cost per month and the variable cost per student. (Use 0 & 2,500 students.) c) Based on the scatter gram, what is the equation of the total mixed cost function? d) In August of the upcoming academic year, the university expects the number of students using the Laundromat to increase to 3,400. What is the expected total laundering cost for August?

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.2: Representing Data

Problem 22PFA