The Illinois Tools Machine Shop wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data:
Month
Cost of Electricity (Y)
Direct Labor-Hours (X)
January
$7,000
750
April
$7,500
850
July
$8,500
1,000
October
$7,250
800
2.
What would be the best equation using the high-low method?