Find an equation for electricity cost

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Reference no: EM1311887

High-low method, determining an equation for electricity cost, Forecasting electricity cost at a volume using such equation.

Westminster Company has had the following experience over the past five quarters:

Units produced	Electricity cost ($)
27,000	101,000
32,000	120,000
31,000	116,000
20,000	84,000
22,000	90,000

a) Using the high-low method, determine an equation for electricity cost (Y) as a function of units produced (X). Assume a linear function.

b) Using your equation, forecast electricity cost at a volume of 29,000 units produced.

Reference no: EM1311887

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