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Wyoming Wholesale

December 15, 2020

(High–low method) Wyoming Wholesale has gathered the following data on the number of shipments received and the cost of receiving reports for the first seven weeks of 2010.

 

Number of

Shipments Received

Weekly Cost of

Receiving Reports

50

$175

44

162

40

154

35

142

53

185

58

200

60

202

a. Using the high–low method, develop the equation for predicting weekly receiving report costs based on the number of shipments received.

b. What is the predicted amount of receiving report costs for a week in which 72 shipments are received?

c. What are the concerns you have regarding your prediction from part (b)?