math
posted by shelly .
Estimating a cost function, highlow method. Reisen Travel offers helicopter service from suburban
towns to John F. Kennedy International Airport in New York City. Each of its 10 helicopters makes
between 1,000 and 2,000 roundtrips per year. The records indicate that a helicopter that has made 1,000
roundtrips in the year incurs an average operating cost of $300 per roundtrip, and one that has made 2,000
roundtrips in the year incurs an average operating cost of $250 per roundtrip.
1. Using the highlow method, estimate the linear relationship y = a + bX, where y is the total annual operating
cost of a helicopter and X is the number of roundtrips it makes to JFK airport during the year.
2. Give examples of costs that would be included in a and in b.
3. If Reisen Travel expects each helicopter to make, on average, 1,200 roundtrips in the coming year,
what should its estimated operating budget for the helicopter fleet be?
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