Question
A sample of restaurants from an EU country has been observed. Build a regression model, where the predicotors are average monthly salary of waiters, average
A sample of restaurants from an EU country has been observed. Build a regression model, where the predicotors are average monthly salary of waiters, average price of a lunch and seating capacity. The dependent variable is the yearly revenue of the restaurants.
a. State the multiple regression equation.
b. Is the parameter of average monthly salary of waiters significantly different from zero? Justify your answer.
c. Interpret the meaning of the slope that belongs to the predictor: average price of a lunch.
d. Compute the relative standard error of the estimate and interpret its meaning.
e. Give interval estimation for the slope that belongs to the predictor: salary of waiters, using 92% confidence level.
please use Excel.
need clear answers for interpretations.
# | Ranking (number of stars) | Settlement type of the restaurant | Capital dummy (1-capital city) | Kitchen staff (persons) | Average monthly salary of waiters (EUR) | Average price of a lunch (EUR) | Seating capacity (seats) | Yearly revenue (thousand EUR) |
5 | *** | Capital | 1 | 7 | 2433 | 22.8 | 242 | 15102 |
7 | ** | Capital | 1 | 8 | 1364 | 14.6 | 86 | 2520 |
12 | ***** | Capital | 1 | 2 | 1222 | 14.6 | 35 | 692 |
16 | *** | Capital | 1 | 8 | 1612 | 24.6 | 92 | 3025 |
17 | ** | Capital | 1 | 4 | 2099 | 14.5 | 240 | 6293 |
18 | ***** | Capital | 1 | 8 | 1607 | 20.9 | 104 | 5231 |
19 | ***** | Capital | 1 | 2 | 1350 | 13.7 | 61 | 1230 |
20 | ***** | Capital | 1 | 8 | 1526 | 14.5 | 86 | 2675 |
21 | **** | Capital | 1 | 2 | 1311 | 9.6 | 21 | 300 |
22 | *** | Capital | 1 | 2 | 953 | 14.5 | 22 | 652 |
23 | **** | Capital | 1 | 11 | 1545 | 13.4 | 179 | 3893 |
26 | ** | Capital | 1 | 16 | 1991 | 47.3 | 242 | 6513 |
29 | ***** | Capital | 1 | 7 | 1820 | 22.9 | 105 | 7145 |
31 | **** | Capital | 1 | 8 | 1395 | 12.4 | 179 | 840 |
33 | **** | Capital | 1 | 3 | 1363 | 13.4 | 38 | 552 |
38 | *** | Capital | 1 | 6 | 1446 | 14.2 | 156 | 3402 |
43 | **** | Capital | 1 | 3 | 1479 | 12.3 | 84 | 3405 |
44 | *** | Capital | 1 | 10 | 2409 | 49.2 | 178 | 15203 |
46 | **** | Capital | 1 | 5 | 2050 | 44.8 | 153 | 13198 |
48 | *** | Capital | 1 | 13 | 1834 | 44.3 | 246 | 10909 |
50 | **** | Capital | 1 | 8 | 1397 | 26.0 | 67 | 4069 |
51 | **** | Capital | 1 | 3 | 1176 | 13.0 | 56 | 920 |
52 | **** | Capital | 1 | 5 | 1604 | 22.8 | 109 | 3334 |
54 | *** | Capital | 1 | 5 | 1652 | 20.3 | 101 | 1901 |
56 | **** | Capital | 1 | 2 | 1201 | 13.7 | 38 | 720 |
57 | ***** | Capital | 1 | 2 | 1501 | 13.8 | 43 | 1312 |
61 | ** | Capital | 1 | 9 | 1531 | 14.6 | 49 | 1370 |
63 | **** | Capital | 1 | 8 | 1255 | 15.6 | 119 | 1567 |
66 | **** | Capital | 1 | 12 | 2539 | 48.2 | 187 | 22949 |
67 | *** | Capital | 1 | 9 | 1701 | 15.7 | 232 | 5964 |
68 | *** | Capital | 1 | 6 | 1366 | 23.1 | 109 | 4550 |
70 | *** | Capital | 1 | 8 | 1588 | 20.7 | 140 | 5791 |
73 | **** | Capital | 1 | 6 | 1644 | 22.9 | 109 | 4329 |
79 | **** | Capital | 1 | 6 | 1202 | 22.7 | 120 | 3845 |
85 | **** | Capital | 1 | 4 | 1719 | 18.4 | 134 | 3554 |
1 | **** | Other city | 0 | 3 | 1223 | 10.2 | 24 | 326 |
2 | *** | Other city | 0 | 2 | 1417 | 9.4 | 27 | 550 |
3 | ** | Other city | 0 | 5 | 1703 | 15.3 | 126 | 5006 |
4 | **** | Other city | 0 | 8 | 1579 | 13.6 | 116 | 4735 |
6 | **** | Other city | 0 | 2 | 1275 | 9.2 | 31 | 476 |
8 | *** | Other city | 0 | 2 | 1369 | 12.0 | 35 | 1121 |
10 | ** | Other city | 0 | 12 | 2352 | 36.6 | 274 | 16187 |
13 | **** | Other city | 0 | 4 | 1655 | 24.1 | 85 | 5341 |
15 | ** | Other city | 0 | 7 | 1165 | 13.8 | 112 | 3415 |
24 | **** | Other city | 0 | 4 | 1488 | 14.3 | 103 | 632 |
25 | ** | Other city | 0 | 5 | 1853 | 23.7 | 114 | 5263 |
27 | *** | Other city | 0 | 2 | 1120 | 10.9 | 56 | 1608 |
28 | *** | Other city | 0 | 4 | 1638 | 13.8 | 242 | 5162 |
30 | *** | Other city | 0 | 2 | 1328 | 10.3 | 29 | 585 |
32 | **** | Other city | 0 | 16 | 2124 | 26.0 | 328 | 5609 |
34 | **** | Other city | 0 | 6 | 1378 | 24.4 | 87 | 2609 |
39 | *** | Other city | 0 | 4 | 1923 | 25.1 | 163 | 7752 |
41 | ** | Other city | 0 | 4 | 1457 | 14.0 | 111 | 2343 |
42 | ***** | Other city | 0 | 6 | 1434 | 14.7 | 156 | 1229 |
53 | *** | Other city | 0 | 8 | 1983 | 14.9 | 237 | 6910 |
55 | *** | Other city | 0 | 4 | 1693 | 23.3 | 174 | 2587 |
58 | *** | Other city | 0 | 5 | 2888 | 44.7 | 150 | 20634 |
60 | ***** | Other city | 0 | 15 | 1489 | 15.1 | 249 | 2275 |
64 | *** | Other city | 0 | 2 | 1213 | 9.8 | 21 | 363 |
69 | **** | Other city | 0 | 8 | 2239 | 41.3 | 238 | 11977 |
72 | ***** | Other city | 0 | 3 | 1367 | 14.7 | 39 | 1207 |
74 | ** | Other city | 0 | 1 | 1404 | 9.4 | 28 | 267 |
75 | *** | Other city | 0 | 4 | 1451 | 23.6 | 74 | 2788 |
76 | **** | Other city | 0 | 5 | 1335 | 13.9 | 76 | 1192 |
77 | **** | Other city | 0 | 4 | 1283 | 14.5 | 67 | 2179 |
80 | **** | Other city | 0 | 5 | 1586 | 24.6 | 98 | 4511 |
81 | *** | Other city | 0 | 8 | 1970 | 16.1 | 168 | 6172 |
82 | *** | Other city | 0 | 3 | 1881 | 15.4 | 213 | 8820 |
9 | ** | Other settlement | 0 | 7 | 1819 | 20.3 | 210 | 9224 |
11 | *** | Other settlement | 0 | 11 | 1330 | 13.7 | 167 | 2085 |
14 | *** | Other settlement | 0 | 2 | 1211 | 11.1 | 31 | 196 |
35 | **** | Other settlement | 0 | 11 | 1968 | 41.7 | 319 | 10368 |
36 | ** | Other settlement | 0 | 8 | 1558 | 24.0 | 137 | 4278 |
37 | ** | Other settlement | 0 | 4 | 1533 | 12.6 | 63 | 705 |
40 | ** | Other settlement | 0 | 9 | 1332 | 13.4 | 49 | 1857 |
45 | *** | Other settlement | 0 | 6 | 1551 | 21.7 | 156 | 7194 |
47 | ** | Other settlement | 0 | 9 | 1953 | 23.6 | 218 | 7626 |
49 | ** | Other settlement | 0 | 4 | 1531 | 13.4 | 64 | 1158 |
59 | ** | Other settlement | 0 | 4 | 1737 | 24.2 | 85 | 5993 |
62 | ** | Other settlement | 0 | 10 | 1275 | 22.7 | 132 | 4838 |
65 | *** | Other settlement | 0 | 14 | 1519 | 12.5 | 194 | 3725 |
71 | ** | Other settlement | 0 | 7 | 1519 | 15.4 | 131 | 2441 |
78 | *** | Other settlement | 0 | 1 | 1134 | 8.6 | 16 | 121 |
83 | ** | Other settlement | 0 | 3 | 1507 | 8.6 | 40 | 1073 |
84 | ** | Other settlement | 0 | 5 | 1648 | 23.5 | 83 | 5707 |
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