The Melina Corporation has gathered the following data on its copy machine costs for the first eight months of the year.
| Month | Number of Copies | Total Copy Cost | |
| January | 60,000 | $ 7,400 |
| February | 50,000 | 6,500 |
| March | 70,000 | 7,000 |
| April | 90,000 | 9,200 |
| May | 80,000 | 7,600 |
| June | 100,000 | 8,500 |
| July | 120,000 | 10,000 |
| August | 110,000 | 9,800 |
Required:
Use 5 decimals on 'per unit' amounts.
| a. | Prepare a scattergraph of the cost information and then choose a line that you believe |
best represents the cost function. Represent your line with a cost equation of the form,
y =
mx +
b. Show your calculations.
| b. | Using the high-low method, what is the variable cost per copy? |
| c. | Using the high-low method, what is the fixed cost per month? |
| d. | Using the high-low method, represent the cost function in the form, y = mx + b. |
| e. | Using your cost equation from part (d), provide your best estimate of the copy costs |
for
September if 68,000 copies will be made. Why does your estimate differ from the
$7,000 cost incurred in March, when 70,000 copies were made rather than 68,000?
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