OccRate= ₀ + ₁ FEB + ₂ MAR + ₃ APR + ₄ MAY + ₅ JUN + ₆ JUL + ₇ AUG++ ₈ SEP + ₉ OCT + ₁₀ NOV + ₁₁ DEC + ₁₂ XchgBrit + ₁₃ XChgEuro

+ ₁₄ Time + ₁₅ TimeSq +

OccRate = occupancy rate at Disney area hotels (in percent)

FEB thru DEC = eleven dummy variables for the months February to December (January being the default)

XChgBrit = currency exchange rate between the British pound and the U.S. dollar

XChgEuro = currency exchange rate between the Euro and the U.S. dollar

Time = a time trend variable equal to 1 for the first month to 67 for final month in sample

TimeSq = the square of the Time variable

The regression equation is

OccRate = 130 + 11.6 FEB + 13.7 MAR + 11.6 APR + 6.67 MAY + 10.7 JUN + 16.1 JUL + 14.3 AUG 1.62 SEPT + 4.29 OCT 3.80 NOV 9.32 DEC

13.7 XChgBrit 16.1 XChgEuro 0.517 Time + 0.00386 TimeSq

Predictor Coef Stdev tratio p

Constant 130.39 22.69 5.75 0.000

FEB 11.565 2.055 5.63 0.000

MAR 13.729 2.070 6.63 0.000

APR 11.616 2.073 5.60 0.000

MAY 6.666 2.079 3.21 0.002

JUN 10.703 2.093 5.11 0.000

JUL 16.060 2.086 7.70 0.000

AUG 14.259 2.205 6.47 0.000

SEPT 1.620 2.170 0.75 0.459

OCT 4.287 2.170 1.98 0.054

NOV 3.805 2.176 1.75 0.086

DEC 9.317 2.176 4.28 0.000

XchgBrit 13.696 5.813 2.36 0.022

XChgEuro 16.097 7.818 2.06 0.045

Time 0.5166 0.1321 3.91 0.000

TimeSq 0.003856 0.001749 2.20 0.032

Because B15 (greater than, less than, or equal to) 0, conclude that OccRate is a (minimum, maximum, or constant) in month (25, 50, 67, or 75).