Here we'll use least squares (linear) regression to develop the total cost equation for a catering operation. This equation will be used along with revenue information to find the caterer's break-even point. There are some Excel notes on the next page that may be helpful. Katie's Catering Co. provides catering services for private dinner parties. To date, Katie has catered 17 dinner parties. The number of guests and total cost of catering each party are shown in the table below. Katie charges clients $39.99 per dinner party guest. 1. Make a scatter diagram of the data (Total Cost vs. Party Size). Party Size (#guests) 20 45 2. Find the least squares regression equation that gives Total Cost as a linear function of the Party Size. The least squares regression equation here is: 3. 3a) Accurately plot the Total Cost (regression) line on your scatterplot either by hand or by using the Excel's Add Trendline tool. 3b) Likewise, plot the Total Revenue line either by hand or via Excel. Total Cost ($) 1,463 1,389 3,434 1,343 1,760 2,653 2,281 1,649 3,619 2,467 2,876 1,426 1,649 3,136 1,697 3,396 2,259 4. Based on the least squares regression equation, what is Katie's: 4a) Fixed cost of catering a dinner party? 4b) Variable cost of serving dinner to a guest? 100 60 5. Is the linear relationship between Total Cost and Party Size weak, moderate or, strong? because 6. Assuming that your regression equation above accurately reflects Katie's total costs, calculate her: 6a) BEP (break-even point in # of guests): 6b) BEP, (break-even point in dollars): 7. Suppose Katie agrees to cater a dinner party for 90 guests. What can Katie expect for the 7a) Total cost of catering this party