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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 | 5,120 | $ | 67,900 | |
February | 5,400 | $ | 70,530 | |
March | 4,695 | $ | 61,932 | |
April | 4,290 | $ | 56,782 | |
May | 4,425 | $ | 59,041 | |
June | 3,600 | $ | 48,570 | |
July | 4,020 | $ | 53,212 | |
August | 5,315 | $ | 69,419 | |
September | 5,245 | $ | 69,025 | |
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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 4,410 blood tests are performed? (Round your intermediate calculations answer to 2 decimal places.)
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