Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A researcher analyzes the factors that may influence amusement park attendance. She estimates the following model: Attendance = Bo + B1 Price + B2 Temperature

image text in transcribedimage text in transcribed
A researcher analyzes the factors that may influence amusement park attendance. She estimates the following model: Attendance = Bo + B1 Price + B2 Temperature + 83 Rides + E, where Attendance is the daily attendance (in 1,000s), Price is the gate price (in $), Temperature is the average daily temperature (in F), and Rides is the number of rides at the amusement park. A portion of the regression results is shown in the accompanying table: Significance df SS MS F F Regression 3 29,524.41 9,841.47 2.18E-14 27 Residual 26 2,564.37 98.63 Total 29 32,088.78 Coefficients Standard Error t-stat p-value Lower 95% Upper 95% Intercept 27.328 40.254 0.5032 -55.415 110.071 Price -1.201 0.294 0.0004 -1.805 -0.598 Temperature 0.008 0.208 0.9693 -0.419 0.435 Rides 3.621 0.364 2.32E-10 2.874 4.369 When testing whether the explanatory variables Temperature and Rides are jointly significant, the p-value associated with the test is 0.0000. At the 1% significance level, the researcher rejects Ho, and cannot conclude that at least one of the explanatory variables, Temperature and Rides, is significant in explaining Attendance O does not reject Ho, and cannot conclude that at least one of the explanatory variables, Temperature and Rides, is significant in explaining Attendance rejects Ho, and concludes that at least one of the explanatory variables, Temperature and Rides, is significant in explaining Attendance does not reject Ho, and concludes that at least one of the explanatory variables, Temperature and Rides, is significant in explaining AttendanceQuestion 28 4 pts A researcher analyzes the factors that may inuence amusement park attendance and estimates the following model: Attendance 2 g | ,81 Price + g Rides + e, where Attendance is the daily attendance (in 1,0005), Price is the gate price (in $), and Rides is the number of rides at the amusement park. The researcher would like to construct interval estimates for Attendance when Price and Rides equal $85 and 30, respectively. The researcher estimates a modied model where Attendance is the response variable and the explanatory variables are now dened as Price\" 2 Price 85 and Rides'\" = Rides 30. A portion of the regression results is shown in the accompanying table. _-}__-I-_I_ -E--___ 0.0002 min According to the modied model, which of the following is the predicted value for Attendance when Price and Rides equal $85 and 30, respectively? 55.600 25,670 40,910 34,410

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Simulation

Authors: Sheldon M Ross

6th Edition

0323899617, 9780323899611

More Books

Students also viewed these Mathematics questions

Question

Behaviour: What am I doing?

Answered: 1 week ago