Express the fixed and variable components of admitting costs

Reference no: EM131922183

Question: The administrator of Azalea Hills Hospital would like a cost formula linking the administrative costs involved in admitting patients to the number of patients admitted during a month. The admitting department's costs and the number of patients admitted during the immediately preceding eight months are given in the following table:

Month	Number of Patients Admitted	Admitting epartment Costs
May	1,800	14,700
June	1,900	15,200
July	1,700	13,700
August	1,600	14,000
September	1,500	14,300
October	1,300	13,100
November	1,100	12,800
December	1,500	14,600

Use the scatterplot chart function in Excel to estimate the fixed and variable components of admitting costs. Round off your answers to two decimal places

Express the fixed and variable components of admitting costs as a cost formula in the form Y = a+ bX.

What is the R2 between X and Y?

Reference no: EM131922183

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