In: Statistics and Probability
Run two different multiple regressions using excel. One should include two of the three idepenedent variables and the other should include all three variables. The first multiple regression equation is Gross Revenue = 766.981 + 2.977*Daily Tour Income - 12.31*Number of Tourists.
1. What is the second multiple regression equation?
Would adding dummy variables for the three days for my second regression work? l need 2 dummy variables since I have 3 categories (days, in this case). What would the equation look like? What's the regression table using excel?
Years | Weekend | Daily Tour Income | Daily Gross Revenue | Number of Tourists |
1 | Friday | 3378 | 4838.95 | 432 |
1 | Saturday | 1198 | 3487.78 | 139 |
1 | Sunday | 3630 | 4371.3 | 467 |
2 | Friday | 4550 | 6486.48 | 546 |
2 | 2467 | 3437.39 | 198 | |
2 | Sunday | 3593 | 4571.43 | 452 |
3 | Friday | 898 | 2515.15 | 119 |
3 | Saturday | 2812 | 5462.11 | 342 |
3 | Sunday | 2650 | 5498.89 | 321 |
4 | Friday | 3230 | 5071.14 | 402 |
4 | Saturday | 4798 | 8051.43 | 523 |
4 | Sunday | 3253 | 4291.95 | 353 |
5 | Friday | 2848 | 4545 | 347 |
5 | Saturday | 4632 | 8865.01 | 534 |
5 | Sunday | 3767 | 4710.64 | 412 |
6 | Friday | 4499 | 10752.74 | 529 |
6 | Saturday | 3868 | 6435.63 | 422 |
6 | Sunday | 2489 | 3389.37 | 288 |
7 | Friday | 3448 | 6129.58 | 367 |
7 | Saturday | 3612 | 7357.12 | 406 |
7 | Sunday | 1937 | 2121.76 | 216 |
8 | Friday | 2548 | 4738.86 | 294 |
8 | Saturday | 2833 | 4141.98 | 317 |
8 | Sunday | 2214 | 4878.35 | 284 |
9 | Friday | 1520 | 4102.49 | 169 |
9 | Saturday | 4322 | 8639.55 | 462 |
9 | Sunday | 1833 | 3946.71 | 203 |
10 | Friday | 2271.63 | 4236.31 | 235 |
10 | Saturday | 2407.88 | 5613.27 | 266 |
10 | Sunday | 1772.17 | 5580.17 | 182 |
11 | Friday | 1494 | 3833.52 | 177 |
11 | Saturday | 1998 | 3986.57 | 213 |
11 | Sunday | 1388 | 2721.56 | 165 |
12 | Friday | 1925 | 3952.19 | 190 |
12 | Saturday | 2695 | 6281.3 | 243 |
12 | Sunday | 1525 | 3356.14 | 172 |
13 | Friday | 1725 | 3822.59 | 187 |
13 | Saturday | 2450 | 4141.75 | 253 |
13 | Sunday | 1407.5 | 3312.41 | 173 |
14 | Friday | 2394 | 4571.5 | 242 |
14 | Saturday | 3012 | 6363.3 | 311 |
14 | Sunday | 2058 | 3502.22 | 239 |
15 | Friday | 2427 | 5881.13 | 267 |
15 | Saturday | 3189 | 10409.13 | 336 |
15 | Sunday | 2109 | 4955.05 | 178 |
16 | Friday | 2244 | 4347.41 | 184 |
16 | Saturday | 3195 | 4935.17 | 274 |
16 | Sunday | 1017 | 3486.27 | 114 |
17 | Friday | 3470 | 6290.99 | 325 |
17 | Saturday | 5323 | 13132.55 | 478 |
17 | Sunday | 2345 | 5014.45 | 242 |
18 | Friday | 1671 | 2740.23 | 177 |
18 | Saturday | 2321.94 | 4423.31 | 246 |
18 | Sunday | 1542 | 2650.48 | 182 |
Solution...
Here, I shall consider weekend as a variable... Friday = 1, Saturday = 2 and Sunday = 3..
The data set is is shown below:
The regression output is:
The regression equation is:
Gross Revenue = 1111.8 - 151.22*Weekend + 2.933* Daily Tour Income - 12.04*Number of Tourists
End of the Solution...