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

image text in transcribed

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) 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 70 patients, showed the following regression results: R-squared: 52% Constant term: $3,809 Coefficients and t-values for independent variables: Required: 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 3 days, and whose surgery requires a laparoscope? 2. Which, if any, dummy variables are used in this regression? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Length of stay (measured in days)

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

International Fraud Handbook

Authors: Joseph T. Wells

1st Edition

1118728505, 9781118728505

More Books

Students also viewed these Accounting questions

Question

What is meant by 'Wealth Maximization ' ?

Answered: 1 week ago