Variable Cost: Variable cost is a cost that changes when the volume of production changes, in the same direction and in the same proportion. Fixed Cost: Fixed cost is a cost that remains constant irrespective of changes in the production volume. Scattergraph: A scattergraph is a graph or a chart that represents the relationship between two variables for a given set of data. Least-squares regression: The least-squares regression is a statistical tool to estimate the production costs. The least-squares regression uses an equation to graph the fixed and variable costs along with the regression line. A scattergraph using the data given and draw a straight line. Using the least-squares regression estimates; compute the fixed cost and variable cost elements of monthly car wash cost.

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Chapter 2.A, Problem 1E

To determine

Variable Cost: Variable cost is a cost that changes when the volume of production changes, in the same direction and in the same proportion.

Fixed Cost: Fixed cost is a cost that remains constant irrespective of changes in the production volume.

Scattergraph: A scattergraph is a graph or a chart that represents the relationship between two variables for a given set of data.

Least-squares regression: The least-squares regression is a statistical tool to estimate the production costs. The least-squares regression uses an equation to graph the fixed and variable costs along with the regression line.

A scattergraph using the data given and draw a straight line.

Using the least-squares regression estimates; compute the fixed cost and variable cost elements of monthly car wash cost.

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