3. The Brazilian Ministrio do Turismo releases monthly arrival data into Brazil and several of its locations in its Anurio Estatstico. Below estimates the relationship between international arrivals into Rio de Janeiro, Brazil (arrivals;) and various large events held at that location: the FIFA World Cup held in June (junewc;) and July (julywc:) 2014, and the Summer Olympics held in August 2016 (olympicsi). In addition, the following estimation also includes a dummy variable for a month in the Brazilian summer (summer; = 1 if December, January, or February and summeri = 0 otherwise). The data are monthly from January 2003 to December 2019, and below is the output from the following estimation: (44 total points) arrivals; = Bo + B. wcjune; + B2 wcjulyi + Bzolympicsi + B4summeri + Ei reg arrivals wcjune wcjuly olympics summer Source SS df MS Model Residual 8.6882e+10 1.4017e+11 4 2.1720e+10 199 704366240 Number of obs F(4, 199) Prob > F R-squared Adj R-squared Root MSE 204 30.84 0.0000 0.3827 0.3702 26540 Total 2.2705e+11 203 1.1185e+09 arrivals | Coef. Std. Err. t P>It! [95% Conf. Intervall 6.45 0.000 wc june wcjuly olympics summer _cons 171632.7 79735.71 113166.7 34366.16 79628.29 26628.22 26628.22 26628.22 4301.962 2166.974 119123 27226.02 60657.02 224142.4 132245.4 165676.4 4.25 7.99 36.75 0.000 0.000 0.000 75355.11 83901.46 a) Which event had the higher estimated marginal impact on international arrivals into Rio de Janeiro: the 2014 FIFA World Cup or the 2016 Summer Olympics? (6 points) b) Which estimates are statistically significant? Use a = 0.05. (8 points) c) Describe at least two unexplained factors in the estimation. (6 points) d) What is the 90 percent confidence interval of the change in international arrivals during summer? (8 points) e) In December 2019, there were 132,140 international arrivals into Rio de Janeiro. Does the regression over- or under-predicted the actual number of arrivals in December 2019 and by how much? (8 points) f) Setup and an evaluate an F test for overall significance of the independent variables at a = 0.01. (8 points) 3. The Brazilian Ministrio do Turismo releases monthly arrival data into Brazil and several of its locations in its Anurio Estatstico. Below estimates the relationship between international arrivals into Rio de Janeiro, Brazil (arrivals;) and various large events held at that location: the FIFA World Cup held in June (junewc;) and July (julywc:) 2014, and the Summer Olympics held in August 2016 (olympicsi). In addition, the following estimation also includes a dummy variable for a month in the Brazilian summer (summer; = 1 if December, January, or February and summeri = 0 otherwise). The data are monthly from January 2003 to December 2019, and below is the output from the following estimation: (44 total points) arrivals; = Bo + B. wcjune; + B2 wcjulyi + Bzolympicsi + B4summeri + Ei reg arrivals wcjune wcjuly olympics summer Source SS df MS Model Residual 8.6882e+10 1.4017e+11 4 2.1720e+10 199 704366240 Number of obs F(4, 199) Prob > F R-squared Adj R-squared Root MSE 204 30.84 0.0000 0.3827 0.3702 26540 Total 2.2705e+11 203 1.1185e+09 arrivals | Coef. Std. Err. t P>It! [95% Conf. Intervall 6.45 0.000 wc june wcjuly olympics summer _cons 171632.7 79735.71 113166.7 34366.16 79628.29 26628.22 26628.22 26628.22 4301.962 2166.974 119123 27226.02 60657.02 224142.4 132245.4 165676.4 4.25 7.99 36.75 0.000 0.000 0.000 75355.11 83901.46 a) Which event had the higher estimated marginal impact on international arrivals into Rio de Janeiro: the 2014 FIFA World Cup or the 2016 Summer Olympics? (6 points) b) Which estimates are statistically significant? Use a = 0.05. (8 points) c) Describe at least two unexplained factors in the estimation. (6 points) d) What is the 90 percent confidence interval of the change in international arrivals during summer? (8 points) e) In December 2019, there were 132,140 international arrivals into Rio de Janeiro. Does the regression over- or under-predicted the actual number of arrivals in December 2019 and by how much? (8 points) f) Setup and an evaluate an F test for overall significance of the independent variables at a = 0.01. (8 points)