Description of this paper

James is trying to determine if there is a relationship between machine hours and utility costs

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solution


Question

James is trying to determine if there is a relationship between machine hours and utility costs. He has gathered financial information from the last six months as follows;Month Machine Hours Utility Costs;1 2000 900;2 2800 1420;3 3200 1200;4 3000 1200;5 2200 1300;6 2400 1000;Required;A. Using either the high-low method or regression analysis, determine the equation for a line. (Note: You will receive 5 extra credit points if you use regression analysis.);B. James believes that in month 7 the machine hour volume will be 3600 hours. Determine the expected utility cost.

 

Paper#30545 | Written in 18-Jul-2015

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