Cost versus volume
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The Burlington Company has recorded the following costs for factory utilities at various volumes of production
Production
Volume (000s) Total Factory Utilities Cos2ts
600 $700,000
400 $500,000
200 $300,000
Using a scattergraph plot, estimate the cost function for utilities costs.
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Solution Summary
This solution analyzes the relation between cost and volume for a company.
Solution Preview
See Excel attachment for scatter-graph plot.
The cost function is: Cost = a * Volume + b
From the scatter ...
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