Camp Rainbow offers overnight summer camp programs for children ages 10-14 every summer during June and July. Each camp session is one week and can accommodate up to 200 children. The camp is not coed, so boys attend during the odd-numbered weeks and girls attend during the even-numbered weeks. While at the camp, participants make crafts, participate in various sports, help care for the camp's resident animals, have cookouts and hayrides, and help assemble toys for local underprivileged children. The camp provides all food as well as materials for all craft classes and the toys to be assembled. One cabin can accommodate up to 10 children, and one camp counselor is assigned to each cabin. Three camp managers are on-site regardless of the number of campers enrolled. Following is the cost information for Camp Rainbow's operations last summer: Week Number of Campers Cost to Run Camp 12345698 90 $ 8,050 118 8,460 156 10,900 174 11,100 188 13,670 184 14,300 7 170 12,325 156 11,270 Required: 1. Perform a least-squares regression analysis on Camp Rainbow's data. (Use Microsoft Excel or a statistical package to find the coefficients using least-squares regression. Round your answers to 2 decimal places.) Intercept Number of Campers Coefficients 2. Using the regression output, create a cost equation (y = a + bx) for estimating Camp Rainbow's operating costs. (Use Microsoft Excel or a statistical package to find the coefficients using least- squares regression. Round your answers to 2 decimal places.) Total Cost = Number of Campers 3. Using the least-squares regression results, calculate the camp's expected operating cost if 170 children attend a session. (Round your answer to 2 decimal places.) Total Cost
Camp Rainbow offers overnight summer camp programs for children ages 10-14 every summer during June and July. Each camp session is one week and can accommodate up to 200 children. The camp is not coed, so boys attend during the odd-numbered weeks and girls attend during the even-numbered weeks. While at the camp, participants make crafts, participate in various sports, help care for the camp's resident animals, have cookouts and hayrides, and help assemble toys for local underprivileged children. The camp provides all food as well as materials for all craft classes and the toys to be assembled. One cabin can accommodate up to 10 children, and one camp counselor is assigned to each cabin. Three camp managers are on-site regardless of the number of campers enrolled. Following is the cost information for Camp Rainbow's operations last summer: Week Number of Campers Cost to Run Camp 12345698 90 $ 8,050 118 8,460 156 10,900 174 11,100 188 13,670 184 14,300 7 170 12,325 156 11,270 Required: 1. Perform a least-squares regression analysis on Camp Rainbow's data. (Use Microsoft Excel or a statistical package to find the coefficients using least-squares regression. Round your answers to 2 decimal places.) Intercept Number of Campers Coefficients 2. Using the regression output, create a cost equation (y = a + bx) for estimating Camp Rainbow's operating costs. (Use Microsoft Excel or a statistical package to find the coefficients using least- squares regression. Round your answers to 2 decimal places.) Total Cost = Number of Campers 3. Using the least-squares regression results, calculate the camp's expected operating cost if 170 children attend a session. (Round your answer to 2 decimal places.) Total Cost
Chapter6: Business Expenses
Section: Chapter Questions
Problem 39P
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Transcribed Image Text:Camp Rainbow offers overnight summer camp programs for children ages 10-14 every summer during
June and July. Each camp session is one week and can accommodate up to 200 children. The camp is not
coed, so boys attend during the odd-numbered weeks and girls attend during the even-numbered weeks.
While at the camp, participants make crafts, participate in various sports, help care for the camp's resident
animals, have cookouts and hayrides, and help assemble toys for local underprivileged children.
The camp provides all food as well as materials for all craft classes and the toys to be assembled. One
cabin can accommodate up to 10 children, and one camp counselor is assigned to each cabin. Three camp
managers are on-site regardless of the number of campers enrolled.
Following is the cost information for Camp Rainbow's operations last summer:
Week
Number of
Campers
Cost to
Run Camp
12345698
90
$ 8,050
118
8,460
156
10,900
174
11,100
188
13,670
184
14,300
7
170
12,325
156
11,270
Required:
1. Perform a least-squares regression analysis on Camp Rainbow's data. (Use Microsoft Excel or a
statistical package to find the coefficients using least-squares regression. Round your answers
to 2 decimal places.)
Intercept
Number of Campers
Coefficients
2. Using the regression output, create a cost equation (y = a + bx) for estimating Camp Rainbow's
operating costs. (Use Microsoft Excel or a statistical package to find the coefficients using least-
squares regression. Round your answers to 2 decimal places.)
Total Cost =
Number of Campers
3. Using the least-squares regression results, calculate the camp's expected operating cost if 170 children
attend a session. (Round your answer to 2 decimal places.)
Total Cost
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