Hello, I need help with the following problem using Microsoft Excel.
Requirements:
a) Use the high-low method to estimate a cost formula for repairs and maintenance.
b) Use least squares regression to estimate a cost formula for repairs and maintenance.
c) Does the answer to (a) or (b) provide the better estimate of the relationship between repairs and maintenance costs and machine hours? Why?
This problem should be solved with Excel utilizing an input area and cell referencing. See attachment for additional data.