Trevor Kennedy, the cost analyst at United Packaging's can manufacturing plant, is seeking to develop a cost function(s) that relates engineering support (E.5.) costs to machine hours. These costs have two components: (1) labor (which is paid monthly) and (2) materials and parts (which are purchased from an outside vendor every three months). He collects the following monthly data from the accounting records kept at the factory: Do the following: 1. Create three plots: You can think of these plots as plotting cost as a function of machine hours. So the data are telling us something about three cost functions. Comment on the pattern in these three plots 2. Compute estimates of each of the three cost functions in requirement 1, using linear regression. Note that Python or Excel are recommended tools for this step. 3. Add the estimated cost function to your plots and comment on how well the estimate fits the data. 4. What are two factors that could explain the pattern of monthly costs for materials? For each factor you cite explain its implications for examining cost-behavior patterns. Trevor Kennedy, the cost analyst at United Packaging's can manufacturing plant, is seeking to develop a cost function(s) that relates engineering support (E.5.) costs to machine hours. These costs have two components: (1) labor (which is paid monthly) and (2) materials and parts (which are purchased from an outside vendor every three months). He collects the following monthly data from the accounting records kept at the factory: Do the following: 1. Create three plots: You can think of these plots as plotting cost as a function of machine hours. So the data are telling us something about three cost functions. Comment on the pattern in these three plots 2. Compute estimates of each of the three cost functions in requirement 1, using linear regression. Note that Python or Excel are recommended tools for this step. 3. Add the estimated cost function to your plots and comment on how well the estimate fits the data. 4. What are two factors that could explain the pattern of monthly costs for materials? For each factor you cite explain its implications for examining cost-behavior patterns