Q1) Westminster Company has had the given experience over past five quarters:
| Units produced |
Electricity cost ($) |
| 27,000 |
101,000 |
| 32,000 |
120,000 |
| 31,000 |
116,000 |
| 20,000 |
84,000 |
| 22,000 |
90,000 |
a) Using high-low method, find out equation for electricity cost (Y) as function of units produced (X). Suppose a linear function.
b) Using your equation, predict electricity cost at volume of 29,000 units produced.