Question
Crane, Inc., has collected the following information on its cost of electricity: Machine Hours Total Electricity Costs January 500 $240 February 540 $280 March 370
Crane, Inc., has collected the following information on its cost of electricity:
Machine Hours | Total Electricity Costs | ||||
---|---|---|---|---|---|
January | 500 | $240 | |||
February | 540 | $280 | |||
March | 370 | $190 | |||
April | 470 | $210 | |||
May | 670 | $260 | |||
June | 710 | $330 | |||
July | 300 | $170 | |||
August | 520 | $280 | |||
September | 260 | $140 | |||
October | 740 | $340 | |||
November | 860 | $350 | |||
December | 600 | $320 |
(a)
Correct answer icon
Your answer is correct.
Identify the high and low points.
Machine Hours | $ | |||
---|---|---|---|---|
High point | enter the machine hours for high point | $enter the high point in dollars | ||
Low point | enter the machine hours for low point | $enter the low point in dollars |
Using the high-low method, compute the variable cost of electricity per machine hour. (Round unit cost to 2 decimal places, e.g. 52.75.)
Variable cost | $enter the variable cost per machine hour in dollars per machine hour |
eTextbook and Media
Attempts: 1 of 3 used
(b)
Correct answer icon
Your answer is correct.
Compute the total fixed cost of electricity. (Round answer to 2 decimal places, e.g. 52.75.)
Fixed cost | $enter the fixed cost amount in dollars |
eTextbook and Media
Attempts: 1 of 3 used
(c)
Correct answer icon
Your answer is correct.
Represent the electricity cost function in equation form. (Round answers to 2 decimal places, e.g. 52.75.)
Total cost = $enter a dollar amount MH + $enter a dollar amount |
eTextbook and Media
Attempts: 2 of 3 used
(d)
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Your answer is incorrect.
What is the expected electricity cost when 740 machine hours are used? (Round answer to 2 decimal places, e.g. 52.75.)
Total cost | $enter the total cost amount in dollars |
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