Determine the revenue formula using linear regression

Assignment Help Basic Statistics

Reference no: EM13654144

Labrie Hospital wants to analyze its revenue per patient day. A "patient day" is one patient staying for one day. The following information has been provided to you:

Period	Revenues	Patient Days
1	20,325	768
2	20,580	703
3	19,829	699
4	19,917	790
5	20,035	702
6	16,705	558
7	17,805	641
8	21,358	802
9	18,895	634
10	18,466	565

Required:

1. Determine the revenue formula using linear regression.

2. What can you conclude about the strength of fit between revenues and patient days?

3. What is the estimated revenue if 600 patient days are used?

4. What is the estimated revenue if 700 patient days are used?

Reference no: EM13654144

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