A manager at a ski resort in Vermont wanted to determine the effect that weather had on its sales of lift tickets. The manager of the resort collected data over the last 20 years on the number of lift tickets sold during Christmas week (y), the total snowfalls in inches (x₁), and the average temperature in degrees Fahrenheit (x₂). The following model is estimated:
Sales = β₀ + β₁Snowfall + β₂Temperature + ε. A portion of the regression results is shown in the accompanying table. a. Predict the number of lift tickets sold during Christmas week, the total snowfall was 25 inches and the average temperature was 35 degrees Fahrenheit.
B) Interpret the slope coefficient for Snowfall.
C) Calculate the standard deviation of the difference between the actual number of tickets sold and the estimate of the number of tickets sold.
D) Calculate and interpret the coefficient of determination.
E) Calculate the adjusted R².

Question

A manager at a ski resort in Vermont wanted to determine the effect that weather had on its sales of lift tickets. The manager of the resort collected data over the last 20 years on the number of lift tickets sold during Christmas week (y), the total snowfalls in inches (x₁), and the average temperature in degrees Fahrenheit (x₂). The following model is estimated:
Sales = β₀ + β₁Snowfall + β₂Temperature + ε. A portion of the regression results is shown in the accompanying table.

a. Predict the number of lift tickets sold during Christmas week, the total snowfall was 25 inches and the average temperature was 35 degrees Fahrenheit.
B) Interpret the slope coefficient for Snowfall.
C) Calculate the standard deviation of the difference between the actual number of tickets sold and the estimate of the number of tickets sold.
D) Calculate and interpret the coefficient of determination.
E) Calculate the adjusted R².

Quizplus · Accepted Answer

The Answer of A manager at a ski resort in Vermont wanted to determine the effect that weather had on its sales of lift tickets. The manager of the resort collected data over the last 20 years on the number of lift tickets sold during Christmas week (y), the total snowfalls in inches (x₁), and the average temperature in degrees Fahrenheit (x₂). The following model is estimated: Sales = β₀ + β₁Snowfall + β₂Temperature + ε. A portion of the regression results is shown in the accompanying table. a. Predict the number of lift tickets sold during Christmas week, the total snowfall was 25 inches and the average temperature was 35 degrees Fahrenheit. B) Interpret the slope coefficient for Snowfall. C) Calculate the standard deviation of the difference between the actual number of tickets sold and the estimate of the number of tickets sold. D) Calculate and interpret the coefficient of determination. E) Calculate the adjusted R².

A Manager at a Ski Resort in Vermont Wanted to Determine