The management of BCD Inc. would like to separate the fixed and variable components of electricity as measured against machine hours in one of its plants. Data collected over the most recent six months follow: Electricity Machine Month Cost Hours January $1,100 4,500 February 1,110 4,700 March 1,050 4,100 April 1,200 5,000 May 1,060 4,000 June 1,120 4,600 Required: 1. Using the method of least squares, compute the fixed cost and the variable cost rate for electricity expense. (Round estimates to the nearest cent.) 2. Compute coefficients of correlation and determination

The management of BCD Inc. would like to separate the fixed and variable components of electricity as measured against machine hours in one of its plants. Data collected over the most recent six months follow: Electricity Machine Month Cost Hours January $1,100 4,500 February 1,110 4,700 March 1,050 4,100 April 1,200 5,000 May 1,060 4,000 June 1,120 4,600 Required: 1. Using the method of least squares, compute the fixed cost and the variable cost rate for electricity expense. (Round estimates to the nearest cent.) 2. Compute coefficients of correlation and determination

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter4: Polynomial And Rational Functions

Section4.6: Rational Functions

Problem 11SC: Find the mean hourly cost when the cell phone described above is used for 240 minutes.

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