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Answer the following questions: What do you expect the relationship between your independent variables and dependent...

Answer the following questions:

  1. What do you expect the relationship between your independent variables and dependent variables will be?
  2. Which model would you select as the best model and why did you select it?
  3. Which are the dummy variables for each equation?

Multiple Regression Equation 1:

Daily Gross Revenue=766.981 + 2.977 * Daily Tour Income – 12.31 * Number of Tourists

Multiple Regression Equation 2:

Daily Gross Revenue=1111.8 – 151.22*Weekend+2.933*Daily Tour Income –12.04*Number of Tourists

Math   Statistics-And-Probability   
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Homework Answers

Answer #1

a) Daily Gross Revenue is directly related to Daily Tour Income as Daily tour income increases, Daily Gross Revenue increases. Similaryly, Daily Gross Revenue bears negative relationship to NUmber of TOurists as per equation. As NUmber of tourists decreases, Daily Gross Revnue Increases.

b) The second equation that includes weekend variable as the seasonal should be the best model since it will include the seasonality effect into it which will explain the Daily Gross Revenue.

c) Dummy variable for 2nd equation is Weekend effect or the weekend seasonality. There is no dummy variable in the equation 1

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