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

		Machine Hours		Total Electricity Costs
January		520		$230
February		540		$300
March		380		$210
April		450		$200
May		670		$300
June		700		$360
July		330		$160
August		540		$250
September		240		$124
October		770		$340
November		880		$380
December		600		$340

(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. (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

(b)

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

(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 770 machine hours are used? (Round answer to 2 decimal places, e.g. 52.75.)

Pharoah, Inc., has collected the following information on its cost of electricity: Machine Hours Total Electricity Costs January 520 $230 February 540 $300 March 380 $210 April 450 $200 May 670 $300 June 700 $360 July 330 $160 August 540 $250 September 240 $124 October 770 $340 November 880 $380 December 600 $340 (a) Identify the high and low points. Machine Hours $ High point 880 $ 380 Low point 240 $ 124 Using the high-low method, compute the variable cost of electricity per machine hour. (Round unit cost to 2 decimal places, eg. 52.75.) Variable cost $ per machine hour (b) Compute the total fixed cost of electricity (Round answer to 2 decimal places, eg. 52.75.) Fixed cost e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (c) Represent the electricity cost function in equation form. (Round answers to 2 decimal places, eg. 52.75.) Total cost $ x MH+ $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (d) What is the expected electricity cost when 770 machine hours are used? (Round answer to 2 decimal places, eg. 52.75.) $ Total cost e Textbook and Media Save for Later Attempts: 0 of 3 used Submit