Falvey, Fried, and Richards developed a multiple regression model to predict the average price of a meal at New Orleans restaurants. The variables explored included such indicator variables as the following: Accepts reservations, Has its own parking lot, Has a separate bar or lounge, Has a maitre d’, Has a dress code, Is candlelit, Has live entertainment, Serves alcoholic beverages, Is a steakhouse, Is in the French Quarter. Suppose a relatively simple model is developed to predict the average price of a meal at a restaurant in New Orleans from the number of hours the restaurant is open per week, the probability of being seated upon arrival, and whether the restaurant is located in the French Quarter. Use the following data and a computer to develop such a model. Comment on theoutput.
Answer to relevant QuestionsUse a stepwise regression procedure and the following data to develop a multiple regression model to predict y. Discuss the variables that enter at each step, commenting on their t values and on the value ofR2.Develop a correlation matrix for the independent variables in Problem 14.13. Study the matrix and make a judgment as to whether substantial multicollinearity is present among the predictors. Why or whynot?Suppose logistic regression is used to develop a second model from the Manufacturing database discussed in problem 14.25 to predict the value of industrial shipments by two variables, Number of Production Workers and New ...The U.S. Department of Agriculture publishes data annually on various selected farm products. Shown here are the unit production figures for three farm products for 10 years during a 20-year period. Use these data and a ...Use the forecast errors given here to compute MAD and MSE. Discuss the information yielded by each type of error measurement.Period .... e1 ...... 2.32 ...... 1.63 ..... -1.44 ..... 1.15 .... .36 .... -.97 ...
Post your question