Mike owns a machine shop. In reviewing his utility bill for the last 12 months he found
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Mike owns a machine shop. In reviewing his utility bill for the last 12 months he found that his highest bill \((\$ 2,400)\) occurred in August when his machines worked 1,000 machine hours. His lowest utility bill of \(\$ 2,200\) occurred in December when his machines worked 500 machine hours.
Calculate
(1) the variable rate per machine hour
(2) Mike's total fixed utility cost.
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