Required:

a. Estimate the labor costs assuming 3,100 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 3,100 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?

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 Visitors $26,420 $37,134 $40,897 $32,383 $35,618 $33,432 $32,767 $39,225 $39,464 $48,023 $43,137 $39,937 $35,244 $33,944 $37,831 $27,116 $31,376 $30,657 $28,232 $30,700 $26, 289 $25, 228 $29,563 $30,854 $28,773 $32,426 $29,317 $30,622 $29,099 $28,522 2,300 3,507 3,803 3,006 3,211 2,951 2,983 3,621 3,735 4,832 4,026 3,794 3,268 3,161 3,393 2,840 4,595 3,769 3,263 4,022 2,705 2,428 4,420 2 3 4. 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 5,165 3,507 24 25 4,429 4,044 4,126 3,398 2,808 26 27 28 29 30 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 $26,420 $37,134 $40,897 $32,383 $35,618 $33,432 $32,767 $39,225 $39,464 $48,023 $43,137 $39,937 $35,244 $33,944 $37,831 $27,116 $31,376 $30,657 $28,232 $30,700 $26, 289 $25, 228 $29,563 $30,854 $28,773 $32,426 $29,317 $30,622 $29,099 $28,522 2,300 3,507 3,803 3,006 3,211 2,951 2,983 3,621 3,735 4,832 4,026 3,794 3,268 3,161 3,393 2,840 4,595 3,769 3,263 4,022 2,705 2,428 4,420 2 3 4. 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 5,165 3,507 24 25 4,429 4,044 4,126 3,398 2,808 26 27 28 29 30 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 $26,420 $37,134 $40,897 $32,383 $35,618 $33,432 $32,767 $39,225 $39,464 $48,023 $43,137 $39,937 $35,244 $33,944 $37,831 $27,116 $31,376 $30,657 $28,232 $30,700 $26, 289 $25, 228 $29,563 $30,854 $28,773 $32,426 $29,317 $30,622 $29,099 $28,522 2,300 3,507 3,803 3,006 3,211 2,951 2,983 3,621 3,735 4,832 4,026 3,794 3,268 3,161 3,393 2,840 4,595 3,769 3,263 4,022 2,705 2,428 4,420 2 3 4. 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 5,165 3,507 24 25 4,429 4,044 4,126 3,398 2,808 26 27 28 29 30 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 $26,420 $37,134 $40,897 $32,383 $35,618 $33,432 $32,767 $39,225 $39,464 $48,023 $43,137 $39,937 $35,244 $33,944 $37,831 $27,116 $31,376 $30,657 $28,232 $30,700 $26, 289 $25, 228 $29,563 $30,854 $28,773 $32,426 $29,317 $30,622 $29,099 $28,522 2,300 3,507 3,803 3,006 3,211 2,951 2,983 3,621 3,735 4,832 4,026 3,794 3,268 3,161 3,393 2,840 4,595 3,769 3,263 4,022 2,705 2,428 4,420 2 3 4. 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 5,165 3,507 24 25 4,429 4,044 4,126 3,398 2,808 26 27 28 29 30

Answer rating: 100% (QA)

Answer Answer a Estimated labor costs assuming 3100 visitors 3163125 Working S... View the full answer