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
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
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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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
237
2
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.
ive this total cost figure?
3-b. Can you see any problem with using the cost formula from part (2) to
Complete this question by entering your answers in the tabs below.
Required 2A Required 2B Required 3A Required 3B
S
Mordh](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9fad3a61-5282-41a0-9bbc-c7bdc32f595b%2F3c1cfeb3-feb0-4965-b288-a712094cc320%2Fl2f8so_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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
237
2
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.
ive this total cost figure?
3-b. Can you see any problem with using the cost formula from part (2) to
Complete this question by entering your answers in the tabs below.
Required 2A Required 2B Required 3A Required 3B
S
Mordh
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