Question
Month Maintenance Cost Machine Hours January $4,200 480 February $3,000 320 March $3,700 400 April $2,800 300 May $4,400 500 June $2,900 310 July $4,350
Month Maintenance Cost Machine Hours January $4,200 480 February $3,000 320 March $3,700 400 April $2,800 300 May $4,400 500 June $2,900 310 July $4,350 450 August $2,850 360 Budgeted Machine Hours for September are 400 MH. Simple regression output from Excel appears below: Regression Statistics Multiple R .95 R-Square .95 Standard Error 84.89 Coefficients p-value Intercept 300.0 .001 X-variable 8.2 .001 9. Using the high-low method, what is the predicted total maintenance cost for September? a. $3,500 b. $3,580 c. $3,600 d. $3,700 e. none of the above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started