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Gator Beach Marts, a chain of convenience grocery stores in the Fort Lauderdale area, has store hours that fluctuate from month to month as the tourist trade in the community varies. The utility costs for one of the companys stores are listed below for the past six months. of operation Total Utility Cost January February S1,620 April 1,350 1,300 Use the high-low method to estimate the cost behavior for the stores utility costs. Express the cost behavior in formula form (Y a bX). What is the variable utility cost per hour of operation? Draw a scatter diagram of the stores utility costs. Visually fit a cost line to the plotted data. Esti mate the variable utility cost per hour of operation. i. Build a spreadsheet: Construct an Excel spreadsheet and use the Excel commands to perform a least-squares regression. Estimate the cost behavior for the stores utility cost. Express the cost behavior in formula form. What is the variable utility cost per hour of operation? 4. During July, the store will be open 300 hours. Predict the stores total utility cost for July using 5. Use your Excel sheet from requirement (3) to calculate and interpret the R2 value for the regression
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