WEEK THREE: CHAPTER FIVE HOMEWORK Saved 3 Exercise 5-48 (Algo) Interpretation of Regression Results: Simple Regression (LO 5-5, 6) 25 points The director of surgery at a local hospital is interested in understanding his unit's costs. An assistant collected data for the past 36 months on unit cost (labor, supplies, and so on) along with the number of procedures performed in the unit. The assistant analyzed the data using a spreadsheet program, and the following output was generated. eBook $1,015,000 $ 220 Equation Intercept Coefficient on procedures Statistical data Correlation coefficient R2 Print 0.563 0.313 References The unit is planning to perform an average 14,500 procedures per month for the coming year. Required: a. Use the regression output to write the surgical unit cost equation. b. Based on the cost equation, compute the estimated costs for the surgical unit per month for the coming year. c. The director of surgery has asked you for advice on whether he should rely on the estimate. Complete this question by entering your answers in the tabs below. Required A Required B Required C Use the regression output to write the surgical unit cost equation. Surgical unit cost $ 1,015,000 220 x Procedures WEEK THREE: CHAPTER FIVE HOMEWORK Saved 3 Exercise 5-48 (Algo) Interpretation of Regression Results: Simple Regression (LO 5-5, 6) 25 points The director of surgery at a local hospital is interested in understanding his unit's costs. An assistant collected data for the past 36 months on unit cost (labor, supplies, and so on) along with the number of procedures performed in the unit. The assistant analyzed the data using a spreadsheet program, and the following output was generated. eBook $1,015,000 $ 220 Equation Intercept Coefficient on procedures Statistical data Correlation coefficient R2 0.563 Print 0.313 o s References The unit is planning to perform an average 14,500 procedures per month for the coming year. Required: a. Use the regression output to write the surgical unit cost equation. b. Based on the cost equation, compute the estimated costs for the surgical unit per month for the coming year. c. The director of surgery has asked you for advice on whether he should rely on the estimate. Complete this question by entering your answers in the tabs below. Required A Required B Required C Based on the cost equation, compute the estimated costs for the surgical unit per month for the coming year. Surgical unit costs