Question

Type or pa

1. A study by Metro Bus Service on the effect of bus-ticket prices on the number of passengers produced the following results:

Ticket Price:        25           30           35           40           45           50           55           60

Pssngrs/100 m   800         700         780         660         640         600         620         620

1. Plot these dat
2. Develop the estimating equation that best describe these data.
3. How can we ensure that the above model best used for provided data?
4. Predict the number of passengers per 100 miles if the ticket price were 50. Use 95% approximate prediction interval.v

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Answer 1

Using Excel<data<data analysis<regression

Regression Analysis
	r²	0.727
	r	-0.853
	Std. Error	42.845
	n	8
	k	1
	Dep. Var.	Passengers
ANOVA table
Source	SS	df	MS	F	p-value
Regression	29,335.7143	1	29,335.7143	15.98	.0071
Residual	11,014.2857	6	1,835.7143
Total	40,350.0000	7
Regression output				confidence interval
variables	coefficients	std. error	t (df=6)	p-value	95% lower	95% upper
Intercept	902.1429	58.20	15.50	0.00	759.73	1044.56
ticket Price	-5.2857	1.3222	-3.998	.0071	-8.5211	-2.0503
Predicted values for: Passengers
		95% Confidence Interval	95% Prediction Interval
	Predicted	lower	upper	lower	upper	Leverage
	637.857	593.555	682.160	524.042	751.672	0.179

Plot these data

Develop the estimating equation that best describe these data.

y=902.1429-5.2857x

or

Passengers=902.1429-5.2857* Ticket Price

Here Intercept= 902.1429

slope=5.2857

How can we ensure that the above model best used for provided data?

We have to find the relationship between the two variables so the regression is the best method to mid the relationship between two variables that is bus-ticket prices and the number of passengers.

Predict the number of passengers per 100 miles if the ticket price were 50. Use 95% approximate prediction interval.

Put ticket price =50 in the regression equation:

Passengers=902.1429-5.2857* 50

=637.857

The number of passengers is 638.

The 95% prediction interval is (524.042,751.672).