Month: Radiology Tests: Total Costs: January 2,800 $133,500 February 2,600 $135,060 March 3,100 $175,000 April...

Month: Radiology Tests: Total Costs:

January 2,800 $133,500

February 2,600 $135,060

March 3,100 $175,000

April 3,500 $170,600

May 3,400 $176,900

June 3,700 $186,600

July 3,840 $174,450

August 4,100 $195,510

September 3,450 $15,300

1. Compute the cost formula for radiology services using the method of least square

2. Using the formula computed in requirement 1, what is the predicted cost of radiology services for October for 3,500 appointments? (Round the answer to the nearest dollar)

3. What does the coefficient of determination tell you about the cost formula computed in requirement 1? What are the t statistics for the number of tests and the intercept term? What do these statistics tell you about the choice of number of tests as the independent variable and the probability that there are fixed costs?

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