Pounds of Month Jarred Pickles Cost January 11,000 $ 5,500 February 9,000 4,500
ID: 2505164 • Letter: P
Question
Pounds of
Month Jarred Pickles Cost
January 11,000 $ 5,500
February 9,000 4,500
March 8,000 4,300
April 10,000 5,000
May 13,000 6,500
June 14,000 7,200
July 7,000 3,500
August 6,000 3,200
September 5,000 3,400
October 4,000 2,400
November 8,000 4,200
December 10,000 4,900
REQUIRED:
Explanation / Answer
1) In order to use the high low method you first need to locate the high and low costs. They are 7200 and 2,400. You then take there correlating amount of pounds of jarred pickles and divide by it.
$7,200-$2,400/(14,000-4,000)=.48
We then take this .48 and plug it into the formula y=ax+b. We will be solving for b since we already know that .48=a and then we can use any point given above to solve for b. For example let's use October where pounds =4000 and the dollar amount= $2,400
$2,400= 4000*.48 + b
After we create the equation we must solve for b. 2,400= 1920+b ----> 2420-1920=b---> b= 500
We then plug back "b" into our equation and get y=.48x+500 (cost formula)
x=pounds of jarred pickels
2) Since 16,000 is not within the range of data provided we cannot accurately predict the cost.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.