Premium Corp. offers a meal service for commuting college students. Data for the last three months appear below: Month Total Cost Meals Served January $7,500 4,300 February $8,400 5,000 March $6,000 3,800 Using the high-low method, the variable cost per meal served in the cafeteria was: a. $3.00. b. $2.00. c. $2.50. d. $1.50.

Please show how the answer is derived.