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using the quick and dirty scattergraph method derive a cost formula for utilities 665042

The owner of the Diamondhead restaurant in Honolulu would like to determine the fixed and variable components of the restaurant”s utility expenses. The owner believes  that the variable component of the utilities cost is driven by the number of meals served.

 

Meals Utilities

Utilities

 

served

cost

January

3,000

$450

February

4,000

$480

March

3,500

$490

April

4,500

$530

May

5,000

$570

June

6,000

$620

July

5,500

$560

Required:

a. Plot the data on the graph below.

b. Using the quick and dirty scattergraph method, derive a cost formula for utilities

cost.

c. c Use your cost formula to predict the utilities cost if 5,200 meals are served.

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