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

The Fairport Machine Shop wants to develop a cost estimating equation for its monthly cost of

electricity. It has the following data:

Cost of Electricity (Y)

$13,000

$15,000

$17,000

$14,500

Direct Labor-Hours (X)

1,500

1,700

2,000

1,600

What would be the best equation using the high-low method?

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