A researcher analyzes the relationship between amusement park attendance and the price of admission. She estimates the following model: Attendance = β₀ + β₁ Price + ε, where Attendance is the daily attendance (in 1,000s) and Price is the gate price (in $). A portion of the regression results is shown in the accompanying table. a. Predict the Attendance for an amusement park that charges $80 for admission.
B) Interpret the slope coefficient for Price.
C) Calculate the standard error of the estimate.
D) Calculate and interpret the coefficient of determination. How much of the variability in Attendance is unexplained?

Question

A researcher analyzes the relationship between amusement park attendance and the price of admission. She estimates the following model: Attendance = β₀ + β₁ Price + ε, where Attendance is the daily attendance (in 1,000s) and Price is the gate price (in $). A portion of the regression results is shown in the accompanying table.

a. Predict the Attendance for an amusement park that charges $80 for admission.
B) Interpret the slope coefficient for Price.
C) Calculate the standard error of the estimate.
D) Calculate and interpret the coefficient of determination. How much of the variability in Attendance is unexplained?

Quizplus · Accepted Answer

The Answer of A researcher analyzes the relationship between amusement park attendance and the price of admission. She estimates the following model: Attendance = β₀ + β₁ Price + ε, where Attendance is the daily attendance (in 1,000s) and Price is the gate price (in $). A portion of the regression results is shown in the accompanying table. a. Predict the Attendance for an amusement park that charges $80 for admission. B) Interpret the slope coefficient for Price. C) Calculate the standard error of the estimate. D) Calculate and interpret the coefficient of determination. How much of the variability in Attendance is unexplained?

A Researcher Analyzes the Relationship Between Amusement Park Attendance and the Price