South by Southwest Company used least squares regression analysis to obtain the following output:

$\begin{array}{ll}
X \text { coefficient(s) } & \$ 2.473 \
\text { Standard error of coefficient(s) } & 0.0966
\end{array}$
Required:
a.What is the total fixed cost?
b.What is the variable cost per employee?
c.Prepare the linear cost function.
d.What is the coefficient of determination? Comment on the goodness of fit.

Question

South by Southwest Company used least squares regression analysis to obtain the following output:
  
 $\begin{array}{ll}
X \text { coefficient(s) } & \$ 2.473 \
\text { Standard error of coefficient(s) } & 0.0966
\end{array}$ 
Required:
a.What is the total fixed cost?
b.What is the variable cost per employee?
c.Prepare the linear cost function.
d.What is the coefficient of determination? Comment on the goodness of fit.

Quizplus · Accepted Answer

The Answer of South by Southwest Company used least squares regression analysis to obtain the following output:
  
 $\begin{array}{ll}
X \text { coefficient(s) } & \$ 2.473 \
\text { Standard error of coefficient(s) } & 0.0966
\end{array}$ 
Required:
a.What is the total fixed cost?
b.What is the variable cost per employee?
c.Prepare the linear cost function.
d.What is the coefficient of determination? Comment on the goodness of fit.

South by Southwest Company Used Least Squares Regression Analysis to Obtain