Problem 1: Cartoon&Co owns a machine shop. In reviewing the shops utility bills for the...
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Problem 1: Cartoon&Co owns a machine shop. In reviewing the shops utility bills for the past 12 months, it found that the highest bill of $3,000 occurred in August when the machines worked 1,700 machine hours. The lowest utility bill of $2,400 occurred in December when the machines worked 1,100 machine hours. According to this information and using Excel: (33 points) a) Calculate the variable rate per machine hour and the total fixed utility cost. b) Show the equation for determining total utility cost for the machine shop. c)If Cartoon&Co anticipates using 1,000 machine hours in January, predict the shops total utility bill using the equation from question 2
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