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Required information [The following information applies to the questions displayed below.] Professor John Morton has just been appointed...

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Advance Math

Required information

[The following information applies to the questionsdisplayed below.]

Professor John Morton has just been appointed chairperson of theFinance Department at Westland University. In reviewing thedepartment’s cost records, Professor Morton has found the followingtotal cost associated with Finance 101 over the last fiveterms:

TermNumber of
Sections Offered		Total Cost
Fall, last year4$10,000
Winter, last year7$13,000
Summer, last year3$8,000
Fall, this year2$7,500
Winter, this year5$12,000

Professor Morton knows that there are some variable costs, suchas amounts paid to graduate assistants, associated with the course.He would like to have the variable and fixed costs separated forplanning purposes.

3-a. Assume that because of the small number of sections offeredduring the Winter Term this year, Professor Morton will have tooffer eight sections of Finance 101 during the Fall Term. Computethe expected total cost for Finance 101.

3-b. Can you see any problem with using the cost formula from(2) above to derive this total cost figure?

Answer & Explanation Solved by verified expert
4.2 Ratings (671 Votes)
Using the least regression formulas we can estimate theequation of lineHence the    See Answer
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