The Iowa City Veterinary Laboratory performs a variety of diagnostic tests on commercial and domestic animals. The lab has incurred the following costs over the past year,
Month | Diagnostic Tests Completed | Cost |
January | 3,050 | $61,000 |
February | 4,500 | 74,500 |
March | 7,100 | 99,000 |
April | 6,200 | 95,600 |
May | 4,700 | 74,800 |
June | 5,900 | 89,000 |
July | 6,000 | 91,000 |
August | 6,100 | 90,000 |
September | 5,300 | 87,000 |
October | 4,900 | 76,200 |
November | 4,800 | 78,100 |
December | 5,050 | 80,700 |
Required:
1. Plot the data above in a scatter diagram. Assign cost to the vertical axis and the number of diagnostic tests to the horizontal axis. Visually fit a line to the plotted data.
2. Using the visually fit line, estimate the monthly fixed cost and the variable cost per diagnostic test.
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