Data Background: Hotel bookings This data set compares various booking information between two hotels: a city hotel and a resort hotel. The records are from 1st July 2015 to 31st August 2017. This database includes information such as when the booking was made, length of stay, the number of adults, children, and/or babies, and the number of available parking spaces, among other things. It is extracted from the Hotel Booking Demand Datasets. Now we want to explore the hotel Average Daily Rate (ADR: dividing the sum of all lodging transactions by the total number of staying nights) and what might be influencing it. The output in Exhibit 10 below is a regression of ADR on various variables defined as: Y variable: X variables: ADR= = Average Daily Rate for bookings not cancelled for both types of hotels. BookHalfMeal BookFullMeal BookBed Carpark Children Adults Repeatguest = 1 if booking included bed, breakfast, and dinner; and = 0 otherwise. = 1 if booking included bed and all meals; and = 0 otherwise. = 1 if booking included bed only or unidentified; and = 0 otherwise. = 1 if carpark space is needed; and = 0 otherwise = Number of children in every booking = Number of adults in every booking = 1 if it is a repeating booking; and = 0 otherwise. Weekenddnights = Number of weekend nights the guest stayed or booked to stay at the hotel Weeknights = Number of weeknights (Mon to Fri) the guest stayed or booked to. a) Let us now explain and interpret the multiple regression coefficients. (i). State and interpret the intercept. (ii). State and interpret the coefficient on bookfullmeal. (iii). Use the model in Exhibit 10 above to predict the hotel Average Daily Rate for a single adult guest with half board booking, no carpark space, no children, making a first time booking and staying for the weekend nights only (Saturday and Sunday). Show your working. Also, comment on the validity of this estimate. SUMMARY OUTPUT Regression Statistics Multiple R 0.46682 R Square 0.21792 Adjusted R Square 0.21787 Standard Error 40.99502 Observations 119390 ANOVA df Regression Exhibit 10 SS MS F Significance F 8 55904819.84 6988102.48 4158.11970 0 Residual Total 119381 200630747 1680.591945 119389 256535566.8 Standard Coefficients Error t Stat P-value Lower 95% Upper 95% Intercept 51.6794 0.56941 90.75929 0.00000 50.56334 52.79541 bookhalfmeal 1.7867 0.37288 bookfullmeal 20.7971 2.29268 carpark 9.3923 4.79157 9.07109 0.44950 20.89502 1.657E-06 1.196E-19 8.866E-97 1.05583 16.30348 25.29071 2.51749 8.51126 10.27328 children 34.4018 repeatguest -24.5145 adults 26.1568 weekenddnights -0.2738 112.01615 0.13717 -1.99603 0.29597 116.23607 0.60444 0.23351 0.00000 33.82176 34.98194 -40.55699 0.00000 -25.69915 -23.32975 0.00000 25.69910 26.61444 0.045933 -0.54266 -0.00494 weeknights -0.7666 0.07180 -10.67628 1.351E-26 -0.90731 -0.62585