Question: Using the data provided in E6-31A, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is

Using the data provided in E6-31A, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:

Requirements
1. Determine the lab's cost equation (use the output from the Excel regression).
2. Determine the R-square (use the output from the Excel regression).
3. Predict the total laboratory overhead for the month if 2,900 tests are performed.

1 SUMMARY OUTPUT Regression Statistics 4Multiple R 0.88053406 0.77534024 0.73040829 1868.82221 7 Standard Error 10 ANOVA MS 60266089.17 60266089.1717.2558770.008875395 17462482.26 3492496.451 77728571.43 14 Total 15 16 Coefficients Standard Error 2688.512 0.943 t Stat 95% 7498.875 21320.960 7498.875 21320.960 95% 95.0% 95.0% 14409.92 3.92 5.359 0.003 18 X Variable 1 4.154 0.008 1.493 6.343 1.493 6.343

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