Prepare a scatter plot of machine hours and electricity cost

Reference no: EM132674045

Question - BC Logging Corporation is trying to analyze cost behavior of their electricity costs. They have determined that machine hours is the best way to predict their electricity costs. The company's cost and machine hours for the past six months are as follows:

Machine Hours Electricity Cost

1 720 $45,888.00

2 700 $41,550.00

3 680 $46,664.00

4 730 $47,610.00

5 650 $43,765.00

6 710 $46,825.00

Required -

a) Prepare a scatter plot of machine hours and electricity costs.

b) Are there any outliers in the data?

c) Use the high-low method to find the variable electricity costs and fixed cost of electricity each month.

d) If BC Logging Corp uses 740 hours of machine hours, what will total electricity costs be?

Reference no: EM132674045

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