Question: The Fairmont Machine Shop wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Cost of

The Fairmont Machine Shop wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Cost of Electricity (Y) Direct Labor-Hours (X) January $14,000 1,500 April $15,000 1,700 July $17,000 2,000 October $14,500 1,600 What would be the best equation using the high-low method?

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