Answered step by step
Verified Expert Solution
Link Copied!

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 a

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 Length of stay (measured in days), plus

b Presence of one or more complications (= 1 if true, 0 if false), plus

c Use of a laparoscope (= 1 if true, 0 if false)

wherea,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 64 patients, showed the following regression results:

R-squared: 57%

Constant term: $3,849

Coefficients andt-values for independent variables:

image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Practicing Financial Planning

Authors: Sid Mittra, Anandi P Sahu, Brian Fischer

12th Edition

9386042851, 9789386042859

More Books

Students also viewed these Accounting questions

Question

The fear of making a fool of oneself

Answered: 1 week ago

Question

Annoyance about a statement that has been made by somebody

Answered: 1 week ago