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The number of blood tests performed and the related costs over the last nine months in Brentline Hospital are given below: Month Blood Tests Performed
The number of blood tests performed and the related costs over the last nine months in Brentline Hospital are given below:
Month | Blood Tests Performed | Blood Test Costs | ||
January | 5,115 | $ | 58,968 | |
February | 6,600 | $ | 73,640 | |
March | 4,565 | $ | 52,478 | |
April | 4,015 | $ | 46,440 | |
May | 4,175 | $ | 48,746 | |
June | 3,300 | $ | 39,320 | |
July | 3,875 | $ | 44,752 | |
August | 5,010 | $ | 56,890 | |
September | 5,045 | $ | 57,958 | |
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Required:
1. Using the highlow method, estimate the cost formula for blood tests. (Round cost per unit answer to 2 decimal places.)
2. Using the cost formula you derived above, what blood test costs would you expect to be incurred during a month in which 4,455 blood tests are performed? (Round your intermediate calculations answer to 2 decimal places.)
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