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Estimate the cost formula for blood tests

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Problem - 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

3,580

$51,406

February

4,100

$57,150

March

2,890

$42,030

April

2,192

$33,070

May

2,340

$35,552

June

1,500

$24,650

July

2,050

$31,011

August

2,940

$42,452

September

3,350

$48,341

Required -

1. Using the high-low method, estimate the cost formula for blood tests.

2. Using the cost formula you derived above, what blood test costs would you expect to be incurred during a month in which 2,310 blood tests are performed?

Reference no: EM132828536

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