Refer to the hotel scatterplot in S6-11. Data in S6-11. The local Hyatt Place hotel collected seven

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Refer to the hotel scatterplot in S6-11.


Data in S6-11.

The local Hyatt Place hotel collected seven months of data on the number of room-nights rented per month and the monthly utilities cost. The data were graphed, resulting in the following scatterplot:

1. Would the high-low method or regression analysis result in a more accurate cost equation for the data pictured in the scatter plot? Explain.
2. A regression analysis of the data revealed an R-squared figure of 0.939. Interpret this figure in light of the lowest and highest possible R-squared values.
3. As a manager, would you be confident predicting utilities costs for other room-night volumes within the same relevant range?

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