A researcher estimates a health care expenditure equation using longitudinal dat

Question

A researcher estimates a health care expenditure equation using longitudinal data and an squares technique. The estimated equation is below: ordinary least 6. R2 .46 Health expenditure 1,500-25Price 30Income 1.5Age (1.5) 2.02) (1.59) (625) what does longitudinal data mean? what % of the variation in Healthexpenditure is explained by the independent variables? , which independent variables aresignificantat the95% level of a 2 tated tem c. d. If Price is measured in dollars and health expenditures are measured in dollars, what does the parameter estímate of price mean? Are there any variables that are missing from the equation? If so, which ones and why e. 7. Using a graph, show why a profit maximizing pharmaceutical company that holds a patent for a drug that has a constant marginal cost of production and delivery will charge different prices for the drug in different countries. 8. & As a result of the Affordable Care Act, many states have loosened their restrictions on nurse practitioners. Using supply and demand curves, explain the impact of these loosened restrictions on a) Neurosurgeons b)general practitioners )demand for antibiotics

Explanation / Answer

I think here you need answer of part 6(b) as it was highlighted by underlining, if you want other than this part please respond back at earliest

there there are 3 independent variables price, income and age and Health expenditure is dependent variable, from the given result of regression analysis

R2=0.46, this means by this regression model, 0.46 part of the total variation in dependent variable is explained by the independent variables.

so 46 % of variation in health expenditure is explained by the independent variables price, income and age

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