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Sagot :
The equation of the Least squares regression line is:
y(hat) = a + bx ,
⇒y(hat) = 1136+14.673x,
y(hat) = cost per hour and x= number of seats
If the data show a slimmer relationship between the two variables, the line that best fits this linear relationship is called the least-squares regression line, which minimizes the vertical distance between the data points and the regression line. The term "least squares" is used because it is the smallest sum of squared errors, also known as "variance".
In regression analysis, the dependent variable is plotted on the vertical Y-axis and the independent variable is plotted on the horizontal X-axis. These labels form the equation of the best-fit line determined by the least-squares method.
Operating costs are related to the day-to-day maintenance and management of your business. Operating expenses include direct cost of goods sold (COGS) and other operating expenses, often referred to as selling, general and administrative expenses (SG&A). These costs include rent, labor costs, other overhead costs, raw material costs, and maintenance costs. Operating expenses do not include non-operating expenses related to financing such as interest, investments and foreign currency translation. Operating expenses are deducted from revenue to determine operating profit and reflected in the company's income statement.
Operating cost=Cost of goods sold + Operating expenses
Learn more about Least Squares Regression Line:
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