Question: Murray's Petroleum Company is trying to formulate a cost function for operating expenses in order to predict the future costs. The following information was ascertained

Murray's Petroleum Company is trying to formulate a cost function for operating expenses in order to predict the future costs. The following information was ascertained from past operations: EX 40 EY 120 EXY 466 EX2 234 EY2 1434 n 10 From the following information, calculate the following using regression analysis (show all working): A. variable cost per unit [5 marks] B. fixed cost [3marks] C. cost function [2 marks] D. total cost if 2000 litres are produced [3 marks]

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