Using the Excel file Weddings, apply the Regression tool using the wedding cost as the dependent...

Using the Excel file Weddings, apply the Regression tool using the wedding cost as the dependent variable and attendance as the independent variable.

What is the regression model?
Interpret all key regression results, hypothesis tests, and confidence intervals in the output.
If a couple is planning a wedding for 175 guests, how much should they budget?

Couple's Income	Bride's age	Payor	Wedding cost	Attendance	Value Rating
$130,000	22	Bride's Parents	$60,700.00	300	3
$157,000	23	Bride's Parents	$52,000.00	350	1
$98,000	27	Bride & Groom	$47,000.00	150	3
$72,000	29	Bride & Groom	$42,000.00	200	5
$86,000	25	Bride's Parents	$34,000.00	250	3
$90,000	28	Bride & Groom	$30,500.00	150	3
$43,000	19	Bride & Groom	$30,000.00	250	3
$100,000	30	Bride & Groom	$30,000.00	300	3
$65,000	24	Bride's Parents	$28,000.00	250	3
$78,000	35	Bride & Groom	$26,000.00	200	5
$73,000	25	Bride's Parents	$25,000.00	150	5
$75,000	27	Bride & Groom	$24,000.00	200	5
$64,000	25	Bride's Parents	$24,000.00	200	1
$67,000	27	Groom's Parents	$22,000.00	200	5
$75,000	25	Bride's Parents	$20,000.00	200	5
$67,000	30	Bride's Parents	$20,000.00	200	5
$62,000	21	Groom's Parents	$20,000.00	100	1
$75,000	19	Bride's Parents	$19,000.00	150	3
$52,000	23	Bride's Parents	$19,000.00	200	1
$64,000	22	Bride's Parents	$18,000.00	150	1
$55,000	28	Bride's Parents	$16,000.00	100	5
$53,000	31	Bride & Groom	$14,000.00	100	1
$62,000	24	Bride's Parents	$13,000.00	150	1
$40,000	26	Bride's Parents	$7,000.00	50	3
$45,000	32	Bride & Groom	$5,000.00	50	5

Expert Solution

The output is:

The regression model is:

y = 1906 + 130*x

The hypothesis being tested is:

H₀: β₁ = 0

H₁: β₁ ≠ 0

The p-value is 0.000.

Since the p-value (0.000) is less than the significance level (0.05), we can reject the null hypothesis.

Therefore, we can conclude that the model is significant.

53.8% of the variation in the model is explained.

The 95% confidence interval for the slope is between 78.0799 and 182.1626.

Budget = 1906 + 130*175 = 24656

orchestra answered 1 year ago

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