Answer to Question #138805 in Finance for ELIZABETH RIMUI

Question #138805
a) Consider the following facts for a company that produces a product FAN for the last three months:
Month Volume of output Cost
1 2,000 11,000
2 10,000 60,000
3 17,000 56,000
4 7,000 33,000
i. Use the high- low method to establish the cost function. (4 Marks)

ii. Estimate the cost that would be incurred on 19,500 units. (2 Marks)

iii. Draw a graph of the scattered points and super-impose the line of best fit generated in (i) above (5 Marks)
Expert's answer
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