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What is the independent variable in Olson cost formula

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Question - Olson Company makes hearing aids. Olson has found that the total electricity cost for the factory can be represented by the following formula: Total annual electricity cost = $149,000 + $2.75x, where x = labor hours. Last year, Olson incurred 212,000 labor hours.

Required -

A. What is the independent variable in Olson's cost formula?

B. What was the total electricity cost incurred by Olson last year?

C. What would be Olson Company's estimated electricity cost for next year if they have budgeted 229,000 labor hours?

Reference no: EM133053918

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