A company uses the high-low method to estimate the cost function. The information for the year is provided below: Observation Machine-Hours Labor Costs ($) Highest Lowest 500 300 $25,000 $16,000 What is the constant for the estimating cost equation?

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The information for the year is provided below

A company uses the high-low method to
estimate the cost function. The information
for the year is provided below:
Observation Machine-Hours Labor Costs ($)
Highest
Lowest
500
300
$25,000
$16,000
What is the constant for the estimating cost
equation?
Transcribed Image Text:A company uses the high-low method to estimate the cost function. The information for the year is provided below: Observation Machine-Hours Labor Costs ($) Highest Lowest 500 300 $25,000 $16,000 What is the constant for the estimating cost equation?
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