I Trying to Predict Weekly Sales with a Standard Error

question 104

Multiple Choice

i. Trying to predict weekly sales with a standard error of estimate of $1,955, we would conclude that 68 percent of the predictions would not be off more than $1,955, 95 percent would not be off by more $3,910, and 99.7 percent would not be off by more than $5,865. ii. The smaller the sample, the smaller the possible error as measured by the standard error of estimate.
iii. Approximately 95% of the values lie within two standard errors of the regression line.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) and (ii) are correct statements but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Managed-Care Systems

Health care delivery systems designed to manage cost, utilization, and quality, often using a network of doctors and providers to ensure care is delivered efficiently.

Copayment

A fixed amount paid by a patient for receiving a medical service, with the remainder covered by their health insurance.

Universal Coverage

A health care system that guarantees access to necessary health care services for all individuals, regardless of their financial status or pre-existing health conditions.

Marginal Cost

The cost of producing one additional unit of a product, often used in decision-making processes regarding production levels.