Question: Question No. 1 The following data have been collected on cost and output: Output (000s) 1 2 3 4 5 6 7 Costs ($000s) 14

Question No. 1 The following data have been collected on cost and output: Output (000s) 1 2 3 4 5 6 7 Costs ($000s) 14 17 15 23 18 22 31 Required: Calculate the linear cost function y = a + bx (fixed & variable cost)

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