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Jefferson County Airport handles several daily commuter flights and many private flights. The county budget officer has compiled the following

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Jefferson County Airport handles several daily commuter flights and many private flights. The county budget officer has compiled the following data regarding airport costs and activity over the past year.

Jefferson County Airport handles several daily commuter flights and many

Required:
1. Draw a scatter diagram of the airport costs shown above.
2. Build a spreadsheet: Construct an Excel spreadsheet and use the Excel commands to perform a least-squares regression. Estimate the variable- and fixed-cost components in the airport€™s cost behavior pattern.
3. Write the least-squares regression equation for the airport€™s costs.
4. Predict the airport€™s costs during a month when 1,500 flights originate at the airport.
5. Using the Excel spreadsheet prepared for requirement (2), compute the coefficient of determination (R2) for the regression equation. Briefly interpretR2.

Transcribed Image Text:

Flights Originating at Jefferson County Airport Costs $20,000. 1,200 1,000 1,400 1,500 1,200 1,000 1,400 September November . December 4 8

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1 Scatter diagram Answer continue next page Flights 10 000 15 000 20 000 25 000 30 000 Airport costs 5 000 1 750 1 500 1 250 1 000 750 500 250 2 Estim…View the full answer


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Managerial Accounting Creating Value in a Dynamic Business Environment

Managerial Accounting Creating Value in a Dynamic Business Environment

ISBN: 978-0078025662

10th edition

Authors: Ronald Hilton, David Platt

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Question Posted: April 22, 2014 02:38:58
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