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The number of X-rays taken and X-ray costs over the last year at the Royal Island Hospital are given below: Month # of X-rays Cost

The number of X-rays taken and X-ray costs over the last year at the Royal Island Hospital are given below:

Month

# of X-rays

Cost $

January

6,250

28,000

February

7,000

29,000

March

5,000

23,000

April

4,250

20,000

May

4,500

22,000

June

3,000

17,000

July

3,750

18,000

August

5,500

24,000

September

5,750

26,000

October

2,950

17,300

November

4,000

19,800

December

7,050

28,300

Required:

  1. Using the least-of-squares regression method, predict the total X-ray costs for the upcoming month if the Royal Island Hospital expects to take 6,900 X-rays.

  1. Using the high-low method, predict the total X-ray costs for the upcoming month if the Royal Island Hospital expects to take 6,900 X-rays.

  1. How can you explain the different cost estimates that you obtained using the two different methods above?

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