Mike's Stables has two different possible cost drivers (trainer hours and number of horses) for budgeting the cost of horses training. The most recent results of the two regression analysis are as follows: Trainer's hours:SUMMARY OUTPUT – Regression Results Regression Statistics R Square0.56 Coefficientst StatIntercept1,004.654.61X Variable 1$22.997.11 Number of horses:SUMMARY OUTPUT – Regression Results Regression Statistics R Square0.63 Coefficientst StatIntercept$5,240.954.44X Variable 1$951.483.50 What is the estimated total training horses cost for the coming year if 15,000 trainer hours are incurred and the stable has 350 horses to be trained, based upon the best cost driver?

Given The output is as follows: Trainer's hours: Regression statistics R square 0.56…

Answered: Mike's Stables has two different…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Mike's Stables has two different possible cost drivers (trainer hours and number of horses) for budgeting the cost of horses training. The most recent results of the two regression analysis are as follows:

Trainer's hours:

SUMMARY OUTPUT – Regression Results

Regression Statistics
R Square	0.56
	Coefficients	t Stat
Intercept	1,004.65	4.61
X Variable 1	$22.99	7.11

Number of horses:

SUMMARY OUTPUT – Regression Results

Regression Statistics
R Square	0.63
	Coefficients	t Stat
Intercept	$5,240.95	4.44
X Variable 1	$951.48	3.50

What is the estimated total training horses cost for the coming year if 15,000 trainer hours are incurred and the stable has 350 horses to be trained, based upon the best cost driver?

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