Mathematics, 18.12.2019 02:31 Molly05
On a typical night in a large city, about 25,000 people attend a theatrical event, paying an average cost of over
$100100
per ticket. the results of a multiple regression of weekly data for the receipts in millions of dollars, the paid attendance inthousands, the number of shows, and the average ticket price are found below. use the results of the multiple regression to complete parts a through d.
click the icon to view the results of the multiple regression.
a) write the regression model.
modifyingabove receipts with caretreceiptsequals=nothingplus+not hingattendanceplus+nothing#
showsplus+nothingprice
(type integers or decimals rounded to two decimal places asneeded.)
b) what does the coefficient of attendance mean in the context of this regression model?
a.
since the value of the coefficient of attendance is high, it is the main factor in determining the receipts for a given week and the other variables can be ignored.
b.
compared to a week with a similar number of shows and average ticket price, an increase in attendance is associated with an increase in receipts proportional to the coefficient of attendance.
c.
independent of how many shows are playing or what the value of the average ticket price is, an increase in attendance is associated with an increase in receipts proportional to the coefficient of attendance.
d.
since the value of the coefficient of attendance is low, it does not have much impact on the receipts for a given week and is not a valuable predictor.
c) is this model likely to produce good predictions? why do you think that?
a.
yes, because the low
r2
value indicates that the model accounts for almost all of the variation in the receipts.
b.
no, because the low
r2
value indicates that the model accounts for little of the variation in the receipts.
c.
no, because the high
r2
value indicates that the model accounts for little of the variation in the receipts.
d.
yes, because the high
r2
value indicates that the model accounts for almost all of the variation in the receipts.
Answers: 1
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