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Question(s) / Instruction(s):

171.     Matt Helm Company used least-squares regression analysis to obtain the following output:

Payroll Department Cost

 

Explained by Number of

 

Employees

 

 

 

Constant

$9,800

 

 

 

Standard error of Y estimate

$630

 

 

 

R squared

0.9424

 

 

 

No. of observations

20

 

 

 

Degrees of freedom

18

 

 

 

X coefficient(s)

3.902

 

 

 

Standard error of coefficient(s)

0.0966

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.

LEARNING OBJECTIVE 5

172.     What are the benefits and disadvantages of the high-low method?

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