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How do we solve this question? Recent research into the cost of various medical procedures has shown the impact of certain complications encountered in surgery
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Recent research into the cost of various medical procedures has shown the impact of certain complications encountered in surgery on the total cost of a patient's stay in the hospital. The researchers used regression analysis and found the following results: Total cost for patient Constant, plus a x Length of stay (measured in days), plus bx Presence of one or more complications1 if true, O if false), plus cx Use of a laparoscope (1 if true, O if false) where a, b, c are coefficients of the regression model. The laparoscope is an instrument somewhat like a miniature telescope with a fiber-optic system that brings light into the abdomen. It is about as big around as a fountain pen and twice as long The research, based on 71 patients, showed the following regression results R-Squared: 51% Constant term: $3,929 Coefficients and t-values for independent variables: Length of Stay Complications Laparoscope $ 780 Coefficient t-value $1,995 5.84 949 2.24 9.48 Required 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 5 days, and whose surgery requires a laparoscope? Estimated costStep by Step Solution
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