Question

In: Statistics and Probability

Using Excel Data in Travel file shows the average number of rooms in a variety of...

Using Excel

Data in Travel file shows the average number of rooms in a variety of U.S cities and the average room rate and the average amount spent on entertainment. A company that run events for hotel residents wants to predict the amount spent on entertainment based on room rate and number of rooms.

Run the regression analysis. Are the coefficients statistically significant? Do we need to drop one of these variable? Which variable? Interpret the slope of the estimated regression equation?

Develop the least squares estimated regression equation. The average room rate in Chicago is $128, predict the entertainment expense per day for Chicago.

City Entertainment ($) Room Rate ($) # of rooms
Boston 160 149 63
Denver 104 98 500
Nashville 100 90 460
New Orleans 141 111 300
Phoenix 101 91 650
San Diego 121 103 350
San Francisco 167 134 200
San Jose 141 91 230
Tampa 97 81 126

Solutions

Expert Solution

We use Minitab to solve this question-

The required first regression equation is,
Entertainment ($) = 46.5 + 0.868 Room Rate ($) - 0.0378 No of Rooms
The pvalue corresponding to variable No of Rooms is 0.285 > 0.05 therefore it is not statistically significant. We drop variable No of Rooms and fit new regression model as,
Entertainment ($) = 17.6 + 1.027 Room Rate ($)
Now, At room rate $128,
Entertainment ($) = 17.6 + 1.027 Room Rate ($)
Entertainment ($) = 17.6 + 1.027 * $ 128
Entertainment ($) = 149
predicted the entertainment expense per day for Chicago is $ 149



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