7 Thane Company is interested in establishing the relationship between electricity costs and machine hours. De been collected and regression analysis prepared using Excel The monthly data and the regression output follow Month January February March April May June July August September October November December Machine Hours 2.500 2,900 1.900 3,180 3,800 3,300 4,100 3,500 2,000 3,700 4.700 4,200 Electricity Costs $19, 200 $22,600 $14, 300 $24,600 $29, 050 $23,600 $25,550 $23,550 $17, 100 $27,600 $32,600 $28.550 Summary Output Regression Statistics Multiple R 0.956 R Square 0.914 Adjusted R2 8.905 Standard Error 1,615.39 Observations 12.00 Intercept Machine Hours Coefficients Standard Error t stat P-value Lower 95% Upper 95% 4,974.43 1,907.43 2.61 0.03 724.41 9,224.45 5.76 0.56 10.30 0.00 4.51 7.00 Based on the results of the high-low analysis, the estimate of electricity costs in a month with 2.200 machine hours would be: (Round cost per machine hour to 2 decimal places and all other dollar amounts to nearest whole dollar)