Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Recent research into the cost of various medical procedures has shown the impact of certain complications encountered in surgery on the total cost of
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 ax Length of stay (measured in days), plus bx Presence of one or more complications (= 1 if true, O if false), plus cx Use of a laparoscope (= 1 if true, 0 if false) where a, b, care 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 74 patients, showed the following regression results: R-squared: 54% Constant term: $3,834 Coefficients and t-values for independent variables: Coefficient t-value Length of Stay Complications Laparoscope $ 978 $ 771 9.47 2.10 Estimated cost $ 1,739 5.32 Required: 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 2 days, and whose surgery requires a laparoscope?
Step by Step Solution
★★★★★
3.46 Rating (149 Votes )
There are 3 Steps involved in it
Step: 1
ANSWER 7771 CALCULATION 3834 771 x 2 1739 x 1 978 x 1 7771 E...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started