Question: High-Low Method, Scatterplot, Regression Weber Valley Regional Hospital has collected data on all of its activities for the past 16 months. Data for cardiac nursing
High-Low Method, Scatterplot, Regression
Weber Valley Regional Hospital has collected data on all of its activities for the past 16 months. Data for cardiac nursing care follow:


3. Upon looking into the events that happened at the end of Year 1, you find that the cardiology ward bought a cardiac-monitoring machine for the nursing station. Administrators also decided to add a new supervisory position for the evening shift. Monthly depreciation on the monitor and the salary of the new supervisor together total $10,000. Now, run two regression equations, one for the observations from Year 1 and the second using only the observations for the eight months in Year 2. What is your predicted cost of the cardiac nursing care activity for September Year 2 if 1,400 hours of nursing care are forecast? When required, round your answer to two decimal places.
Y=$
Please only answer question 3! I have gotten the first two correct and just need help with the third question!
\begin{tabular}{|c|c|c|} \hline & Cost & Hours of Nursing Care \\ \hline May Year 1 & $59,600 & 1,400 \\ \hline June Year 1 & 57,150 & 1,350 \\ \hline July Year 1 & 61,110 & 1,460 \\ \hline August Year 1 & 65,800 & 1,600 \\ \hline September Year 1 & 69,500 & 1,700 \\ \hline October Year 1 & 64,250 & 1,550 \\ \hline November Year 1 & 52,000 & 1,200 \\ \hline December Year 1 & 66,000 & 1,600 \\ \hline January Year 2 & 83,000 & 1,800 \\ \hline February Year 2 & 66,550 & 1,330 \\ \hline March Year 2 & 79,500 & 1,700 \\ \hline April Year 2 & 76,000 & 1,600 \\ \hline May Year 2 & 68,500 & 1,400 \\ \hline June Year 2 & 73,150 & 1,550 \\ \hline July Year 2 & 73,175 & 1,505 \\ \hline August Year 2 & 66,150 & 1,290 \\ \hline \end{tabular} In the computations below, use intercepts rounded to the nearest whole number and use X variable coefficients rounded to 2 decimal places. 1. Using the high-low method, calculate the variable rate per hour and the fixed cost for the nursing care activity. Enter negative answers with a minus sign. Y=$+$x answer to the nearest dollar. Y=$ decimal places. Y=$x
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
