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1.. The number of X-rays taken and X-ray costs over the last nine months in Beverly Hospital are given below: Month X-Rays Taken X-Ray Costs
1.. The number of X-rays taken and X-ray costs over the last nine months in Beverly Hospital are given below:
Month | X-Rays Taken | X-Ray Costs |
January | 6,450 | $17,000 |
February | 7,200 | $18,400 |
March | 5,200 | $14,000 |
April | 4,550 | $13,000 |
May | 4,800 | $13,600 |
June | 3,200 | $10,400 |
July | 3,950 | $12,000 |
August | 5,700 | $15,400 |
September | 5,950 | $17,000 |
Required: | |
1. | Using the high-low method, estimate the cost formula for X-ray costs. (Round the "Variable cost per X-ray" to 2 decimal places and the "Fixed cost" to the nearest dollar amount.) |
Y = | $ | + | $ | X |
2. | Using the cost formula you derived above, what X-ray costs would you expect to be incurred during a month in which 4,800 X-rays are taken? (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) |
Variable cost | $ |
Fixed cost | |
Total cost | $ |
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