Required information [The following information applies to the questions displayed below.] Professor John Morton has just been appointed chairperson of the Finance Department at Westland University. In reviewing the department's cost records, Professor Morton found the following total cost associated with Finance 101 over the last five terms: Term Fall, last year Winter, last year Summer, last year Fall, this year Winter, this year. Number of Sections Offered 5 6 2 3 7 Total Cost $ 11,000 $ 12,000 $ 6,000 $ 10,500 $ 14,000 Professor Morton knows there are some variable costs, such as amounts paid to graduate assistants, associated with the course. He would like to have the variable and fixed costs separated for planning purposes. Required: 2-a. Using the least-squares regression method, estimate the variable cost per section and the total fixed cost per term for Finance 101. 2-b. Express these estimates in the form Y = a +bX. 3-a. Assume because of the small number of sections offered during the Winter Term this year, Professor Morton will have to offer ten sections of Finance 101 during the Fall Term. Compute the expected total cost for Finance 101. 3-b. Can you see any problem with using the cost formula from part (2) to derive this total cost figure? Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 3A Required 3B