Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow: Month Machine Hours Electricity Costs January 2,000 $ 18,950 February 2,400 $ 22,100 March 1,400 $ 14,050 April 2,600 $ 24,100 May 3,300 $ 28,800 June 2,800 $ 23,100 July 3,600 $ 25,300 August 3,000 $ 23,300 September 1,500 $ 16,600 October 3,200 $ 27,100 November 4,200 $ 32,100 December 3,700 $ 28,300 Summary Output Regression Statistics Multiple R 0.960 R Square 0.921 Adjusted R2 0.913 Standard Error 1,545.17 Observations 12.00 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 7,465.99 1,566.61 4.77 0.00 3,975.37 10,956.62 Machine Hours 5.76 0.53 10.78 0.00 4.57 6.95 If the controller uses the high-low method to estimate costs, the cost equation for electricity costs is: (Round intermediate calculations to 2 decimal places.)

Answers

Answer 1

Answer:

If the controller uses the high-low method to estimate costs, the cost equation for electricity costs is "Total cost = $5,010 + ($6.45 * Machine hours)".

Step-by-step explanation:

Note: The data needed to estimate costs using the high-low method is merged together. It is therefore sorted before answering the question as follows:

Month          Machine Hours          Electricity Costs

January              2,000                           $18,950

February            2,400                           $22,100

March                 1,400                            $14,050

April                   2,600                            $24,100

May                    3,300                            $28,800

June                   2,800                           $23,100

July                    3,600                            $25,300

August               3,000                            $23,300

September         1,500                             $16,600

October             3,200                             $27,100

November         4,200                             $32,100

December         3,700                             $28,300

The explanation of the answer is now provided as follows:

Step 1: Calculation of variable cost per hour

From the data above, the highest Machine Hours and Electricity Costs occur in November, while the lowest occur in March. Therefore, we have:

Variable cost per hour = (Highest Electricity Costs - Lowest Electricity Costs) / (Highest Machine Hours - Lowest Machine Hours = ($32,100 - $14,050) / (4,200 – 1,400) = $18,050 / $2,800 = 6.44642857142857

Rounding to 2 decimal places as required, we have:

Variable cost per hour = $6.45

Therefore, the variable-cost components using the high-low method is $6.45.

Step 2: Calculation of total fixed cost

The formula for calculating the total cost is given as follows:

Total cost = Total Fixed Cost + Total Variable Cost ................. (1)

Where;

Total Variable Cost = Variable cost per hour * Machine hours at a particular Electricity Costs

Using highest levels of activity and substitute into equation (1), we have:

$32,100 = Total Fixed Cost + ($6.45 * 4,200)

Total Fixed Cost = $32,100 - ($6.45 * 4,200) = $32,100 - $27,090 = $5,010

Therefore, the fixed-cost components using the high-low method is $5,010.

Step 3: Derivation of the cost equation for electricity costs

The cost equation for electricity costs can be obtained based on the total cost function given in equation (1) above, where:

Total Fixed Cost = $5,010

Total Variable Cost = Variable cost per hour * Machine hours = $6.45 * Machine hours

Substituting the values into equation (1), we have:

Total cost = $5,010 + ($6.45 * Machine hours)

Therefore, if the controller uses the high-low method to estimate costs, the cost equation for electricity costs is "Total cost = $5,010 + ($6.45 * Machine hours)".


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Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

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Answer:

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Answers

Answer:

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Answers

Answer:

A: 2

Step-by-step explanation:

EDGE 2021

Considering that the magnitude of the complex number x is of 13, a possible value of b is of 2.

What is a complex number?

A complex number is modeled by:

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In which:

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In this problem, the number is:

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The safety officers of a mining company take an SRS of 500500500 employees and finds that 15\, percent of the sampled employees wear contact lenses. The safety officers may take several more samples like this. Suppose it is really 12\, percent of the approximately 34{,}00034,00034, comma, 000 employees in the company who wear contact lenses. What are the mean and standard deviation of the sampling distribution of the proportion of employees who wear contact lenses

Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step expl

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Answers

Answer:

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Answers

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Answers

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Answers

Answer: 9420meters³

Step-by-step explanation:

The formula to calculate the volume of the cylindrical tank will be:

= πr²h.

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Volume = πr²h

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= 3.14 × 100 × 30

= 9420meters³

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Answers

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Step-by-step explanation:

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Answers

Answer:

D) cannot factor

Step-by-step explanation:

D) cannot factor

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Answers

Answer:

c. is always true

Step-by-step explanation:

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Answers

Answer:

C.

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Answer:

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Step-by-step explanation:

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[tex] {(xy}^{ - 6} ) ^{2} [/tex]

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Answers

average age of the 4 tigers is 17
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The average number is 17.25. The variance is 14.24.

What are the mean and variance?

Variance is the anticipated squared variation of a random variable from its population mean or sample mean in probability theory and statistics. Variance is a measure of dispersion, or how far apart from the mean a group of data is from one another.

Given that the tigers are randomly selected from the 31 tigers at your local zoo:

22, 13, 18, 16

Mean = ( 22 + 13 + 18 + 16 ) / 4  

Mean = 17.25

Variance = ∑(x - xm ) / n - 1

Variance = [( 22 - 17.25)² + ( 13 - 17.25 )² + ( 18 - 17.25 )² + ( 16 - 17.25 )²] / 4 - 1

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