Recent research into the cost of various medical procedures has shown the impact of certain complications...

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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, care 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 74 patients, showed the following regression results: R-squared: 54% Constant term: $3,834 Coefficients and t-values for independent variables: Coefficient t-value Length of Stay Complications Laparoscope $ 978 $ 771 9.47 2.10 Estimated cost $ 1,739 5.32 Required: 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 2 days, and whose surgery requires a laparoscope? 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, care 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 74 patients, showed the following regression results: R-squared: 54% Constant term: $3,834 Coefficients and t-values for independent variables: Coefficient t-value Length of Stay Complications Laparoscope $ 978 $ 771 9.47 2.10 Estimated cost $ 1,739 5.32 Required: 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 2 days, and whose surgery requires a laparoscope?

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ANSWER 7771 CALCULATION 3834 771 x 2 1739 x 1 978 x 1 7771 E... View the full answer