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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 2,500 3,812 1 $26,620 $37,415 $41,206 $32,628 $35,888 $33,685 $33,015 $39,522 2 4,134 3,267 3,490 3,208 3,243 3,936 4,059 5,252 4,376 4,124 3,552 3,436 3,688 3,087 4,995 3 4 6 7 8. $39,763 $48,387 $43,463 $40,239 $35,511 $34, 201 10 11 12 13 14 $38,117 $27,321 $31,613 $30,889 $28,445 $30,932 $26,488 $25,419 $29,787 $31,087 $28,990 $32,672 $29,539 $30,854 $29,319 $28,738 15 16 17 18 4,097 3,547 4,371 2,941 2,639 4,804 5,614 3,812 4,814 4,396 4,485 3,693 3,052 19 20 21 22 23 24 25 26 27 28 29 30 Required: a. Estimate the labor costs assuming 3,300 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 3,300 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?

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 2,500 3,812 1 $26,620 $37,415 $41,206 $32,628 $35,888 $33,685 $33,015 $39,522 2 4,134 3,267 3,490 3,208 3,243 3,936 4,059 5,252 4,376 4,124 3,552 3,436 3,688 3,087 4,995 3 4 6 7 8. $39,763 $48,387 $43,463 $40,239 $35,511 $34, 201 10 11 12 13 14 $38,117 $27,321 $31,613 $30,889 $28,445 $30,932 $26,488 $25,419 $29,787 $31,087 $28,990 $32,672 $29,539 $30,854 $29,319 $28,738 15 16 17 18 4,097 3,547 4,371 2,941 2,639 4,804 5,614 3,812 4,814 4,396 4,485 3,693 3,052 19 20 21 22 23 24 25 26 27 28 29 30 Required: a. Estimate the labor costs assuming 3,300 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 3,300 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?

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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 $26,620 $37,415 $41, 206 $32,628 $35,888 $33,685 $33,015 $39,522 $39,763 $48,387 $43,463 $40, 239 $35,511 $34, 201 $38,117 $27,321 $31,613 $30,889 $28,445 $30,932 $26,488 $25,419 $29,787 $31,087 $28,990 $32,672 $29,539 $30,854 $29,319 $28,738 Visitors 2,500 3,812 4,134 3,267 3,490 3,208 3,243 3,936 4,059 5,252 4,376 4,124 1 2 3 4 6 7 8 10 11 12 3,552 3,436 3,688 3,087 4,995 4,097 3,547 4,371 13 14 15 16 17 18 19 20 2,941 2,639 4,804 5,614 3,812 4,814 4,396 4,485 3,693 3,052 21 22 23 24 25 26 27 28 29 30 Required: a. Estimate the labor costs assuming 3,300 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 3,300 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? Complete this question by entering your answers in the tabs below.
Transcribed Image Text: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 $26,620 $37,415 $41, 206 $32,628 $35,888 $33,685 $33,015 $39,522 $39,763 $48,387 $43,463 $40, 239 $35,511 $34, 201 $38,117 $27,321 $31,613 $30,889 $28,445 $30,932 $26,488 $25,419 $29,787 $31,087 $28,990 $32,672 $29,539 $30,854 $29,319 $28,738 Visitors 2,500 3,812 4,134 3,267 3,490 3,208 3,243 3,936 4,059 5,252 4,376 4,124 1 2 3 4 6 7 8 10 11 12 3,552 3,436 3,688 3,087 4,995 4,097 3,547 4,371 13 14 15 16 17 18 19 20 2,941 2,639 4,804 5,614 3,812 4,814 4,396 4,485 3,693 3,052 21 22 23 24 25 26 27 28 29 30 Required: a. Estimate the labor costs assuming 3,300 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 3,300 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? Complete this question by entering your answers in the tabs below.
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