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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

= 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

9th Edition

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

ISBN: 9781285737232