What was the cost of this patient emergency room visit

Assignment Help Business Economics

Reference no: EM13149529

In an article about the cost of health care, Money magazine reported that a visit to a hospital emergency room for something as simple as a sore throat has a mean cost of $328 (Money, January 2009). Assume that the cost for this type of hospital emergency room visit is normally distributed with a standard deviation of $92. Answer the following questions about the cost of a hospital emergency room visit for this medical service a.What is the probability that the cost will be more than $500? (to 4 decimals) b.What is the probability that the cost will be less than $250? (to 4 decimals) c.What is the probability that the cost will be between $300 and $400? (to 4 decimals) d.If the cost to a patient is in the lower 8% of charges for this medical service, what was the cost of this patient’s emergency room visit? (to 2 decimals)

Reference no: EM13149529

Questions Cloud

Find probability that mean of bill for residents is less : If the amounts of the electric bills are normally distributed, find the probability that the mean of the bill for 15 residents will be less than 75 dollars.

How many grams of sulfur are required : How many grams of sulfur are required to produce 768 grams of sulfur dioxide in the following reaction: S + O2 --> SO2?

What is the advantage of reducing process variation : In a production run of 1000 parts, how many defects would be found (to the nearest whole number)? What is the advantage of reducing process variation?

Comply with promulgated gaap : When a CPA is associated with financial statements that do not comply with promulgated GAAP because the statements would be misleading without the departure, the CPA is not required to disclose

What was the cost of this patient emergency room visit : What is the probability that the cost will be between $300 and $400? (to 4 decimals) d.If the cost to a patient is in the lower 8% of charges for this medical service, what was the cost of this patient’s emergency room visit?

Calculate the concentration of ammonium ions in final soln : A solution is prepared by dissolving 14.7 g ammonium sulfate in enough water to make 100.0 mL of stock solution. A 11.00 mL sample of this stock solution is added to 56.00 mL of water.

Find probability that more than fifty percent voted yes : Sample of 1500 voters was taken and the number who are voting yes is recorded. What is the probability that more than 50% of those 1500 vote yes?

Accounting firms independence : An accounting firm's independence is most likely to be impaired when:

At what quantity of output does marginal cost attain : At what quantity of output does marginal cost attain its minimum value? At what quantity does average variable cost equal marginal cost?

User Account

All Pages