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Health insurers and the federal government are both putting pressure on hospitals to shorten the average length of stay (LOS) of their patients.In 2003,the average LOS for non-heart patients was 4.6 days.A random sample of 20 hospitals in one state had a mean LOS for non-heart patients in 2008 of 3.8 days and a standard deviation of 1.2 days.How large a sample of hospitals would we need to be 99 percent confident that the sample mean is within 0.5 days of the population mean?
Wages
Payments made to workers for their labor, typically calculated on an hourly, daily, or piecework basis.
Frank Knight
An influential economist known for his work on risk, uncertainty, and the role of entrepreneurship in economic theory.
Joseph Schumpeter
An Austrian economist and political scientist known for his theories on business cycles and innovation. He introduced the concept of creative destruction, which describes how old industries are destroyed and replaced by new ones.
Karl Marx
A 19th-century philosopher, economist, and political theorist known for his critical theories about capitalism and advocacy for socialism.
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