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a) Data with respect to the cost of equipment repairs have been collected for various hours of operation and are given below:
HOURS COST HOURS COSTS
1,500 $8,500 1,300 $7,500
1,700 9,500 1,800 10,000
1,400 8,000 1,600 9,000
1,200 7,000 1,400 8,000
1. - By the high-low point method, estimate the variable cost per hour and the fixed cost and express the relationship in an equation form.
2. - Estimate the equipment repair cost at a level of 1,900 hours.
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