Problem $2$:

: Nutt Industries electricity costs and machine hours over a six$-$month period follow

Machine

Hours

Electricity

Cost

January

$2,000$

$$4,800$

February

$2,500$

$5,200$

March

$3,000$

$5,400$

April

$2,400$

$5,000$

May

$2,800$

$5,600$

June

$2,200$

$5,000$

Using the high$-$low method, what is the estimated electricity cost per machine hour?

What is the formula that can be used to estimate electricity costs at different levels of volume?