Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can the cost of flying a commercial airliner be predicted using regression analysis? If so, what variables are related to this cost? A few of

image text in transcribed
Can the cost of flying a commercial airliner be predicted using regression analysis? If so, what variables are related to this cost? A few of many variables that can potentially contribute are type of plane, distance, number of passengers, amount of luggage/freight, weather condition, direction of destination, or even pilot skill. Suppose a study is conducted using only Boeing 737s traveling 800 km on comparable routes during the same season of the year. Can the number of passengers predict the cost of flying such routes? It seems logical that more passengers result in more mass and more baggage, which could, in turn, result in increased fuel consumption and other costs. Suppose the data displayed below are the cost and associated number of passengers for thirty-six 800-km commercial airline flights using Boeing 737s during the same season of the year. We will use these data to develop a regression model to predict cost by number of passengers. The data in the CostofFlights.csv contains the data on the cost and number of passengers of 36 observations (a) Use R studio to estimate this model. Use four-decimals in each of your teast-squares estimatesyour answer. Cost- + 1 Number of Passengers (b) Find the coefficient of determination. Expresses as a percentage, and use two decimal places in your answer. % (c) in the context of the data, interpret the meaning of the coefficient of determination A. The percentage found above is the percentage of variation in the cost of flying a 800-km commercial flight using Boeing 737s that can be explained by its linear dependency with the number of passengers. OB. There is a weak, positive linear relationship between the cost of flying a 800-km commercial flight using Boeing 737s and the number of passengers. OC. There is a strong, positive linear relationship between the cost of flying a 800-km commercial flight using Boeing 737s and the number of OD. The percentage found above is the percentage of variation in the number of passengers that can be explained by its linear dependency with tho cost of flying a 800 km commercial flight using Boeing 737s. passengers (d) Find the standard deviation of the prediction/regression, using three decimals in your answer EE

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

Step: 3

blur-text-image

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

Maximizing Corporate Value Through Mergers And Acquisitions A Strategic Growth Guide

Authors: Patrick A. Gaughan

1st Edition

1118108744, 9781118108741

More Books

Students also viewed these Accounting questions

Question

4 What is the recruitment phase?

Answered: 1 week ago