Oriole, Inc., has collected the following information on its cost of electricity:

		Machine Hours		Total Electricity Costs
January		500		$240
February		540		$300
March		370		$210
April		440		$220
May		680		$290
June		730		$330
July		330		$180
August		530		$260
September		230		$118
October		740		$340
November		860		$370
December		600		$340

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

$ per machine hour

Compute the total fixed cost of electricity. (Round answer to 2 decimal places, e.g. 52.75.)

Fixed cost

$

Represent the electricity cost function in equation form. (Round answers to 2 decimal places, e.g. 52.75.)

Total cost =

$ MH

+

$

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

Total cost

$