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, 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 52 patients, showed the following regression results: R-squared: 59% Constant term: $3,402 Coefficients and t-values for independent variables: Coefficient t-value Length of Stay $ 860 11.19 Complications $ 1,867 4.73 Laparoscope $ 915 3.49 Required: 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 5 days, and whose surgery requires a laparoscope? Estimated cost

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, 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 52 patients, showed the following regression results: R-squared: 59% Constant term: $3,402 Coefficients and t-values for independent variables: Coefficient t-value Length of Stay $ 860 11.19 Complications $ 1,867 4.73 Laparoscope $ 915 3.49 Required: 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 5 days, and whose surgery requires a laparoscope? Estimated cost

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter8: Time Series Analysis And_forecasting

Section: Chapter Questions

Problem 5P: Consider the following time series data: Construct a time series plot. What type of pattern exists...

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