Recent monthly costs of providing on-board flight service incurred by Great Plains Airlines are shown in the following table.
Month | Number of Passengers | Cost of On-Board Flight Service |
January | 16,000 | $18,000 |
February | 17,000 | 18,000 |
March | 16,000 | 19,000 |
April | 18,000 | 20,000 |
May | 15,000 | 18,000 |
June | 17,000 | 19,000 |
Required:
1. Build aspreadsheet: Construct an Excel spreadsheet and use the Excel commands to perform a least-squares regression. Estimate the cost behavior of the airline’s on-board flight service. Express the cost behavior in equation form.
2. Use Excel to calculate and interpret the R2 value for the regression.
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