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 1 $ 26,720 2,600 2 $ 37,555 3,964 3 $ 41,361 4,299 4 $ 32,751 3,398 5 $ 36,022 3,630 6 $ 33,811 3,336 7 $ 33,139 3,372 8 $ 39,671 4,093 9 $ 39,912 4,222 10 $ 48,568 5,463 11 $ 43,627 4,551 12 $ 40,390 4,289 13 $ 35,644 3,694 14 $ 34,330 3,573 15 $ 38,260 3,836 16 $ 27,424 3,210 17 $ 31,732 5,195 18 $ 31,005 4,260 19 $ 28,552 3,689 20 $ 31,049 4,546 21 $ 26,588 3,058 22 $ 25,515 2,744 23 $ 29,899 4,997 24 $ 31,204 5,838 25 $ 29,099 3,964 26 $ 32,795 5,007 27 $ 29,650 4,572 28 $ 30,970 4,665 29 $ 29,429 3,841 30 $ 28,846 3,174 Required: a. Estimate the labor costs assuming 3,400 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 3,400 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? Questions A to D located in screenshots.
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 1 $ 26,720 2,600 2 $ 37,555 3,964 3 $ 41,361 4,299 4 $ 32,751 3,398 5 $ 36,022 3,630 6 $ 33,811 3,336 7 $ 33,139 3,372 8 $ 39,671 4,093 9 $ 39,912 4,222 10 $ 48,568 5,463 11 $ 43,627 4,551 12 $ 40,390 4,289 13 $ 35,644 3,694 14 $ 34,330 3,573 15 $ 38,260 3,836 16 $ 27,424 3,210 17 $ 31,732 5,195 18 $ 31,005 4,260 19 $ 28,552 3,689 20 $ 31,049 4,546 21 $ 26,588 3,058 22 $ 25,515 2,744 23 $ 29,899 4,997 24 $ 31,204 5,838 25 $ 29,099 3,964 26 $ 32,795 5,007 27 $ 29,650 4,572 28 $ 30,970 4,665 29 $ 29,429 3,841 30 $ 28,846 3,174 Required: a. Estimate the labor costs assuming 3,400 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 3,400 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? Questions A to D located in screenshots.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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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 | |
| 1 | $ | 26,720 | 2,600 |
| 2 | $ | 37,555 | 3,964 |
| 3 | $ | 41,361 | 4,299 |
| 4 | $ | 32,751 | 3,398 |
| 5 | $ | 36,022 | 3,630 |
| 6 | $ | 33,811 | 3,336 |
| 7 | $ | 33,139 | 3,372 |
| 8 | $ | 39,671 | 4,093 |
| 9 | $ | 39,912 | 4,222 |
| 10 | $ | 48,568 | 5,463 |
| 11 | $ | 43,627 | 4,551 |
| 12 | $ | 40,390 | 4,289 |
| 13 | $ | 35,644 | 3,694 |
| 14 | $ | 34,330 | 3,573 |
| 15 | $ | 38,260 | 3,836 |
| 16 | $ | 27,424 | 3,210 |
| 17 | $ | 31,732 | 5,195 |
| 18 | $ | 31,005 | 4,260 |
| 19 | $ | 28,552 | 3,689 |
| 20 | $ | 31,049 | 4,546 |
| 21 | $ | 26,588 | 3,058 |
| 22 | $ | 25,515 | 2,744 |
| 23 | $ | 29,899 | 4,997 |
| 24 | $ | 31,204 | 5,838 |
| 25 | $ | 29,099 | 3,964 |
| 26 | $ | 32,795 | 5,007 |
| 27 | $ | 29,650 | 4,572 |
| 28 | $ | 30,970 | 4,665 |
| 29 | $ | 29,429 | 3,841 |
| 30 | $ | 28,846 | 3,174 |
Required:
a. Estimate the labor costs assuming 3,400 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 3,400 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?
Questions A to D located in screenshots.
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Req A and B
Reg C and D
a. Estimate the labor costs assuming 3,400 visitors for the month using the results of a simple regression based on the 30 months of available
data. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
b. What percentage of the variance in the data does the R-squared value explain?
a. Labor cost
b. The R-squared value suggests that the number of visitors only explains
< Req A and B
Req C and D >
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Req A and B
Req C and D
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 3,400 visitors using the results of a simple regression based on the data for months 16 through 30 only. (Do not round
intermediate calculations and round your final answer to 2 decimal places.)
d. What percentage of the variance in the data does the R-squared value explain?
Show less A
c. Labor cost
d. The R-squared value suggests that the number of visitors only explains
< Req A and B
Req Cand D
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