During july the store will be open 300 hours predict the

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Reference no: EM13480908

Gator Beach Marts, a chain of convenience grocery stores in the Fort Lauderdale area, has store hours that fluctuate from month to month as the tourist trade in the community varies. The utility costs for one of the company's stores are listed below for the past six months.

Month	Total Hours of Operation		Total Utility Cost
January		550	$	3,240
February		600		3,400
March		700		3,800
April		500		3,200
May		450		2,700
June		400		2,600

1. Use the high-low method to estimate the cost behavior for the store's utility costs. Express the cost behavior in formula form. Y=a + bX.

2. Use least-squares regression to estimate the cost behavior for the store's utility cost. Express the cost behavior in formula form. Y = a +bX. Do not round intermediate calculations. Round coefficient of X to 2 decimal places and other answer to nearest whole dollar.

3. During July, the store will be open 300 hours. Predict the store's total utility cost for July using each cost estimation method employed in requirements 1 and 2.

High Low Method --> $_____

Least-Square Regression --> $_____

Reference no: EM13480908

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