The Longreach Toy Factory has determined machine hours to be the cost driver of the company's electricity costs. During the first six months of the year, the company incurred the following electricity costs: 
Using the high-low method, estimate the variable cost per machine hour.
Definitions:
Perfectly Competitive
A market structure where many firms offer identical products, entry and exit are easy, and no individual buyer or seller has any influence over prices.
Monopoly
A market structure characterized by a single seller or company dominating the entire market, leading to limited competition.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.
Product Differentiation
A strategy businesses use to distinguish their products from those of competitors, aiming to increase market share and customer loyalty.
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