Answer the next 5 questions using the following information: An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units),Total Cost ($)400,3900
450,4900
550,5400
600,5800
700,6400
750,7100
Use these data to develop an estimated regression equation Ĺ· = b0 + b1*x that could be used to predict the total cost for a given production volume, where Ĺ· is the predicted total cost and x is the production volume. What is the value of b0 ? (Round your numerical values to two decimal places.)