Essay
An air conditioning and heating repair firm conducted a study to determine if the average outside temperature could be used to predict the cost of an electric bill for a home during the winter months in Richmond, VA.It was determined that a quadratic model could be used and the following prediction equation was established:
Y = $1557.76 - 55.05X1 + 0.56X2
where Y = monthly cost, X1 = average temperature, and X2 = average temperature2
(a)If December has an average temperature of 43 degrees, what is the forecasted monthly electric bill?
(b)If January has an average temperature of 40 degrees, what is the forecasted monthly electric bill?
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