Answered step by step
Verified Expert Solution
Question
1 Approved Answer
pLEASE HELP ASAP! Donald and Helen are partners in a driver's ed business, providing a much-needed service to want-to-be-drivers in their region. They have been
pLEASE HELP ASAP!
Donald and Helen are partners in a driver's ed business, providing a much-needed service to want-to-be-drivers in their region. They have been satisfied with the profits their business has generated to date, but they'd like to have more reliable estimates for future costs. Believing that the most certain cost driver for their total costs is number of students served, they gathered the following data for the past year. Month 1 2 3 4 5 6 7 80 9 10 11 12 Number of Students Y=$ 40 47 36 43 50 53 56 49 58 61 52 54 Total Costs $12,105 12,656 13,893 14,569 Next month's driver's ed costs $ 14,375 14,079 15,803 14,357 14,784 16,593 15,966 (a1) Use the high-low method to estimate a cost function for total monthly driver's ed costs based on number of students. 14,512 108 X+$ 10005 (c1) Using the model created above, predict next month's driver's ed costs if Donald and Helen expect to serve 67 students.
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