Question
The Evergreen hotel, a 200-room lodging facility, uses regression analysis to forecast dining rooms meals and revenues. You, as a GM, has set the regression
The Evergreen hotel, a 200-room lodging facility, uses regression analysis to forecast dining rooms meals and revenues. You, as a GM, has set the regression equations as follows:
Breakfast: y = 50 + 0.42x
Lunch: y = 200 + 0.21x
where, y equals forecasted meals and x is the #of hotel guests. Further, daily average guest check in the hotels dining room is expected to be as follows: Breakfast: $3.25 Lunch: $6.50 Dinner: $12.95 Based on the information given, forecast the daily revenue for each meal period when the occu-pancy is 85.00% and when the average occupancy per room is expected to be 1.58. Also, what is the forecasted daily total dining room revenue of the Evergreen hotel (assume that all of the hotel guests eat breakfast, lunch, and dinner at the hotel)?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started