Question: 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

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.

Probability of Being Seated .62 .43 58 74 .19 .49 .80 .75 37 .64 .51 32 .62 .83 Price Hours French Quarter $ 8.5265 45 16.18 52 21.45 6.21 12.19 53 25.62 55 60 18.66 72 5.25 70 7.98 55 48 60 8.80 52 64 13.90 0 12.57 14.85 6.27

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