Camp Rainbow offers overnight summer camp programs for children ages 1014 every summer during June...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Camp Rainbow offers overnight summer camp programs for children ages 1014 every summer during June and July. Each camp session is one week and can accommodate up to 200 children. The camp is not coed, so boys attend during the odd-numbered weeks and girls attend during the even-numbered weeks. While at the camp, participants make crafts, participate in various sports, help care for the camps resident animals, have cookouts and hayrides, and help assemble toys for local underprivileged children. The camp provides all food as well as materials for all craft classes and the toys to be assembled. One cabin can accommodate up to 10 children, and one camp counselor is assigned to each cabin. Three camp managers are on-site regardless of the number of campers enrolled. The results of the least-squares regression of the number of campers and the cost to run camp are given below. Following is the cost information for Camp Rainbows operations last summer:
Week
Number of Campers
Cost to Run Camp
1
90
$8,050
2
118
8,460
3
156
10,900
4
174
11,100
5
188
13,670
6
184
14,300
7
170
12,325
8
156
11,270
Required:
1. Perform a least-squares regression analysis on Camp Rainbows data.
2. Using the regression output, create a cost equation (y = a + bx) for estimating Camp Rainbows operating costs.
3. Using the least-squares regression results, calculate the camps expected operating cost if 170 children attend a session.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!