Week 2 HOLMES INSTITUTE Brisbane Indoor Sports, a sporting complex, has open The electricity costs and hours of operation for past si Month January February March ex, has opening hours that fluctuate from month to month. on for past six months is listed below: April May 500 Total hours of operation Total electricity cost 650 $ 4,240 700 $ 4,400 800 $ 4,800 June $ 4,200 $ 3,700 $ 3,600 Required: a) Use the high-low method to estimate the cost behavioul method to estimate the cost behaviour for the complex's electricity costs, assuming that the variable costs vary in proportion to the hours table costs vary in proportion to the hours of operation. Express the total CUSt Denaviour in formula form a byl What is the variable electricity cost per operation? (5 marks) b) During July, the complex will open for 570 hours, Predict the complex's total electricity costs for July using the cost estimation method employed in above requirement a).(3marks) c) What is the main drawback of the high-low method of cost estimation? (2 marks, maximum 150 words)