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)

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.

(b)

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

(c)

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

(d)

What is the expected electricity cost when 740 machine hours are used? (Round answer to 2 decimal places, e.g. 52.75.)