Luke Gibbon, financial analyst at XYZ Corporation, is examining the behavior of quarterly utility costs for budgeting purposes. Gibbon collects the following data on machine-hours worked and utility costs for the past 8 quarters: (Click the icon to view the data.) Read the requirements. Requirement 1. Estimate the cost function for the quarterly data using the high-low method. (Complete all answer boxes.) $3.14 Data table Requirements $1.75 $3.06 1. Estimate the cost function for the quarterly data using the high-low method. 2. Plot and comment on the estimated cost function. Quarter Quarter 1 Machine-Hours Utility Costs 100,000 $ 265,000 Quarter 2 55,000 200,000 $2.65 $103,750 3. Gibbon anticipates that XYZ will operate machines for 105,000 hours in quarter 9. Calculate the predicted utility costs in quarter 9 using the cost function estimated in requirement 1. Quarter 3 90,000 250,000 Quarter 4 115,000 305,000 Quarter 5 70,000 220,000 $90,000 Quarter 6 105,000 285,000 $148,750 Print Done Quarter 7 95,000 275,000 Quarter 8 80,000 245,000 X y Print Done