CapeAir flies a medium-sized passenger jet on a route between Washington, D.C., and Cape Cod. The manager of the airline would like to estimate the relationship between the plane”s payload (i.e., total weight of passengers and cargo) and total fuel costs. On five recent flights, the payload varied between 22 tons and 35 tons.
Using the least-squares regression method, estimate the variable cost per ton and the fixed cost per flight. (Round off the variable cost per ton to the nearest cent and the fixed cost per flight to the nearest dollar.)