a. Estimate the coefficients of the simple regression model based on the insurance companys argument. In other
Question:
a. Estimate the coefficients of the simple regression model based on the insurance company’s argument. In other words, use the attendance figures for the last 4 weeks in 1991 and the next 28 weeks in 1992 to estimate the coefficients. Then use the model to calculate point predictions for the museum’s weekly attendance figures when the museum was closed. Calculate the predicted total attendance.
b. Repeat part (a) using the museum’s argument—that is, use the attendance figures after the reopening in 1995 to estimate the regression coefficients and use the equation to predict the weekly attendance when the museum was closed. Calculate the total attendance that was lost because of the fire.
c. Write a report to the insurance company discussing this analysis and include your recommendation about how much the insurance company should award the museum?
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a The regression equation is 1623 693 x This equation was used to predict museum attendance when ...View the full answer
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