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I) OBJECTIVE : Calculate the elasticity of hospital charges concerning the severity and explain what it means. Attached is the regression model: SUMMARY OUTPUT Regression

I) OBJECTIVE: Calculate the elasticity of hospital charges concerning the severity and explain what it means.

Attached is the regression model:

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SUMMARY OUTPUT Regression Statistics Multiple R 0.242952926 R Square 0.059026124 Adjusted R Square 0.058461088 Standard Error 64216.09013 Observations 9999 ANOVA df SS MS F Significance F Regression 6 2.58468E+12 4.3078E+11 104.464295 4.3138E-128 Residual 9992 4.12041E+13 4123706232 Total 9998 4.37888E+13 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 43942.92632 7864.801522 5.587289927 2.3669E-08 28526.33113 59359.52151 SEX 10078.56856 1298.491107 7.761754008 9.1966E-15 7533.264431 12623.87268 ETHNICITY 3110.695798 3102.644379 1.002595018 0.31608058 -2971.11215 9192.503747 PAYER 1087.858351 287.8958757 3.778652085 0.0001586 523.5244439 1652.192258 RACE 1238.331004 1262.914136 0.980534598 0.32684604 -1237.23509 3713.897099 AGE 429.9433208 31.45263756 13.66954743 3.6919E-42 368.2898157 491.596826 SeverityOverall 36967.5468 3235.848663 -11.4243744 4.8517E-30 -43310.4619 -30624.6316

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