Apollo Hospital specializes in outpatient surgeries for relatively minor procedures. (Click the icon to view information...

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Apollo Hospital specializes in outpatient surgeries for relatively minor procedures. (Click the icon to view information about medical supplies.) Next question Rhett estima quation for (a) medical supplies costs and number of procedures and (b) medical supply costs and number of patient-hours and had the following results: (Click the icon to view the regression results.) (Click the icon to view the past year data.) (Click the icon to view discussion results.) Read the requirements. Begin by running a multiple regression to estimate the regression equation for medical supplies costs using both number of procedures and number of patient-hours as independent variables. You should obtain the following result: Regression 3: Medical supplies costs = a (b * No. of procedures) + (b * No. of patient-hours) Variable Constant Independent variable 1: No. of procedures Independent variable 2: No. of patient-hours =0.84; Durbin-Watson statistic = 1.96 Coefficient Standard Error t-Value $ -3,103.76 $ 30,406.54 -0.10 p-value 0.921 $ 38.24 $ $ 54.37 $ 100.76 10.33 5.26 0.38 0.713 0.001 Requirement 1. Evaluate the multiple regression output using the criteria of economic plausibility, goodness of fit, significance of independent variables, and specification of estimation assumptions. Economic plausibility Goodness of fit Significance of independent variables Specification of estimation assumptions Apollo Hospital specializes in outpatient surgeries for relatively minor procedures. (Click the icon to view information about medical supplies.) Next question Rhett estima quation for (a) medical supplies costs and number of procedures and (b) medical supply costs and number of patient-hours and had the following results: (Click the icon to view the regression results.) (Click the icon to view the past year data.) (Click the icon to view discussion results.) Read the requirements. Begin by running a multiple regression to estimate the regression equation for medical supplies costs using both number of procedures and number of patient-hours as independent variables. You should obtain the following result: Regression 3: Medical supplies costs = a (b * No. of procedures) + (b * No. of patient-hours) Variable Constant Independent variable 1: No. of procedures Independent variable 2: No. of patient-hours =0.84; Durbin-Watson statistic = 1.96 Coefficient Standard Error t-Value $ -3,103.76 $ 30,406.54 -0.10 p-value 0.921 $ 38.24 $ $ 54.37 $ 100.76 10.33 5.26 0.38 0.713 0.001 Requirement 1. Evaluate the multiple regression output using the criteria of economic plausibility, goodness of fit, significance of independent variables, and specification of estimation assumptions. Economic plausibility Goodness of fit Significance of independent variables Specification of estimation assumptions