Answer Happy

Read the requirements. Х Data table + Begin by running a multiple regression to estimate the regression equation for medical supplies costs using both number of procedures and number of patient-hours as independent variabl Regression Medical supplies costs = a (by * No. of procedures) + (by * No. of patient-hours) Variable Coefficient Standard Error -Value Constant $ -448 $ $ 29,147 -0.02 Independent variable 1: No. of procedures (5.95) $ 111.61 -0.05 Independent variable 2: No. of patient-hours $ 58.51 $ $ 12.02 4.87 2 = 0.84: Durbin-Watson statistic = 1.30 Regression 1: Medical supplies costs = a + (b * Number of procedures) Variable Coefficient Standard Error t-Value Constant $ 15,206 $ 52,385 0.29 Independent variable: No. of procedures $ 386.70 $ 139.51 2.77 2 = 0.43; Durbin-Watson statistic = 2.37 Regression 2: Medical supplies costs = a + (6 * Number of patient-hours) Variable Coefficient Standard Errort-Value Constant $ (1,348) S 22,550 -0.06 Independent variable: No. of patient-hours $ 58.05 $ 7.88 7.36 2 = 2=0.84; Durbin-Watson statistic = 1.30 $ $ Requirement 1. Evaluate the multiple regression output using the criteria of economic plausibility, goodness of fit, significance of independent variables, and specification of estimation ass Economic plausibility Nonplausible Goodness of fit Significance of independent variables Siginficant for patient-hours, but insignificant for procedures Specification of estimation assumptions - X Х Data table Josh provides the following data relating to the past year to Karen. Medical supplies Number of Number of Month costs procedures patient-hours January $ $ 106,000 320 2,000 February 127,000 440 2,800 March 58,000 180 1,300 April 238,000 520 4,100 May 180,000 340 3,700 June 213,000 500 3,600 July 210,000 420 3,100 August 92,000 360 1,200 September 222,000 300 3,000 October 68,000 160 1,200 November 124,000 420 2,600 December 215,000 360 3,600