The following data was input into a spreadsheet program to determine the Interce

Question

The following data was input into a spreadsheet program to determine the Intercept, Slope and R2 (RSQ) for Patient Days and Maintenance Costs for a local hospital: Month Patent Days (X) Maintenance Costs (Y) January 6,600 $8,900 February 8,100 $9,500 March 6,000 $8,400 April 7,500 $9,200 May 8,300 $10,100 June 9,000 $10,800 July 5,200 $8,800 Intercept $5,468 Slope $0.541 RSQ 0.79

The estimated total maintenance cost for August based on an estimated 7,000 patient days is:

$9,255

$7,186

$7,985

$7,529

Explanation / Answer

Cost Function as per given slope and intercept will be:

Y = 5468+0.541X

For 7000 patient days

Y = 5468+0.541(7000)

Y = 5468+3787

Y = 9255 or Maintenance Cost is $9,255

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