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A local medical facility hired a consultant to forecast gross revenue. From the gross revenue they can estimate the number of patients they will...
R=gross revenue in millions of 2005 dollars
MC=national expenditure on medical care in billions of 2005 dollars
a) comment on the model specification. What other variable might be included to explain a medical facility's revenue?
b) do you have confidence in the estimated coefficients? How much of the movement of the dependent variable is explained by the independent variable?