Business, 14.02.2020 03:01, brevenb375

Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in California. Management would like to better understand the variable and fixed portions of it car washing costs. The company operates its own car wash facility in which each rental car that is returned is thoroughly cleaned before being released for rental to another customer. Management believes that the variable portion of its car washing costs relates to the number of rental returns. Accordingly, the following data have been compiled:Month Rental Returns Car Wash CostsJanuary 2,380 $10,825 February 2,421 $11,865 March 2,586 $11,332 April 2,725 $12,422May 2,968 $13,850 June 3,281 $14, 419July 3,353 $14,935August 3,489 $15,738 September 3,057 $13,563 October 2,876 $11,889 November 2,735 $12,683December 2,983 $13,796 Required: Using least-squares regression, estimate the fixed cost and variable cost elements of monthly car wash costs. The fixed cost element should be estimated to the nearest dollar and the variable cost element to the nearest cent.

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Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in...