Conveniece stores data 1) Use High-low calculate variable cost 2) Plot costs and estimate variable cost 3) Perform least squares regression 4) Estimate utilty costs for July assuming 300 hours of operation

Conveniece stores data 1) Use High-low calculate variable cost 2) Plot costs and estimate variable cost 3) Perform least squares regression 4) Estimate utilty costs for July assuming 300 hours of operation

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Conveniece stores data

1) Use High-low calculate variable cost

2) Plot costs and estimate variable cost

3) Perform least squares regression

4) Estimate utilty costs for July assuming 300 hours of operation

Month
January
February
March
April
May
June
Hours of
Operation
550
600
700
500
450
400
Total Utility
Cost
1,620
1,700
1,900
1,600
1,350
1,300

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