Redlands Blue Cross wants to hold down hospital costs in the area hospitals. It regresses the average cost of a hospital stay (Y) on the number of days the person stayed in the hospital (X1), the number of lab tests made (X2), and the number of prescription drugs ordered (X3). Interpret the following regression and decide whether any policy changes

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Redlands Blue Cross wants to hold down hospital costs in the area hospitals. It regresses the average cost of a hospital stay (Y) on the number of days the person stayed in the hospital (X1), the number of lab tests made (X2), and the number of prescription drugs ordered (X3). Interpret the following regression and decide whether any policy changes can be recommended.
 = 325.36 + 5196.40X1 + 1224.90X2 + 111.41X3
sb1 = 640 sb2 = 320 sb3 = 20 Sy|x = 112.50
R2 = .96 Adj. R2 = .93 N = 75
Related Book For answer-question

Applied Statistics For Public And Nonprofit Administration

9th Edition

Authors: Kenneth J. Meier, Jeffrey L. Brudney, John Bohte

ISBN: 9781285737232