Using data from the regression analysis, develop the following cost estimates per person for a cocktail party. Assume that the level of activity remains within the relevant range. Dana Rand has been...

Using data from the regression analysis, develop the following cost estimates per person for a cocktail party. Assume that the level of activity remains within the relevant range. Dana Rand has been asked to prepare a bid for a 270-person cocktail party to be given next month. Determine the minimum bid price that Rand should be willing to submit. What other factors should Dana Rand consider in developing the bid price for the cocktail party? What are the variable costs per person? What are the absorption(full) costs per person?