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1.5 Use the high-low method to calculate the fixed and variable elements of the following costs. Units Cost 1.6 July 400 1,000 August 500 1,200 September 600 1,400 October 700 1,600 November 800 1,800 December 900 2,000 Distinguish between (i) Interpolation (ii) Extrapolation State two advantages and two disadvantages of regression analysis. State four limitations of using historic costs. (i) (ii) (iii) (iv) 1.7 1.8 1.9 Using the data from Question 1.5, calculate the fixed and variable costs using regres- sion analysis and basic algebra. 1.10 What is a step cost and give an example of one