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The administrator of Azalea Hills Hospital would like a cost formula linking the administrative costs involved in admitting patients to the number of patients admitted
The administrator of Azalea Hills Hospital would like a cost formula linking the administrative costs involved in admitting patients to the number of patients admitted during a month. The admitting department's costs and the number of patients admitted during the immediately preceding eight months are given in the following table:
- Use the scatterplot chart function in Excel to estimate the fixed and variable components of admitting costs. Round off your answers to two decimal places
- Express the fixed and variable components of admitting costs as a cost formula in the formY=a+bX.
- What is the R2between X and Y?
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