Clough Company is interested in establishing the relationship between utility costs and machine hours. Data have been

collected and a regression analysis prepared using Excel. The monthly data and the regression output follow:

SUMMARY OUTPUT

Required:

What is the equation for utility costs using the regression analysis?

Does the variable "machine hours" have statistical significance? Explain.

What is the equation for utility costs using high$-$low method?

Prepare an estimate of utility costs for a month when $4,000$ machine hours are worked with both methods.