Rita Sharp, Director of Operations at the Farnsworth Museum of Industrial Arts, has gathered weekly visitor data for the past year. Rita is interested in explaining why the number of visitors (NUMV) varies from week to week. Rita has data on two independent variables. The first is a dummy variable coded 1 for weeks when new items went on display and coded 0 for all other weeks (NITEM). The second is a variable for the price of an admissions ticket because part of the museum's marketing strategy is to have weekly reduced-price admission promotions (TPRICE). The director asks you to generate a regression equation using these data. Use the data below:
(1) Produce a regression model
(2) Interpret the parameters
(3) Access the goodness of fit of the model. In summarizing the findings, what should you tell the director?
DATA:
NUMV 933 1240 983 1129 758 927 1247 870 1140 1231 1038 1184 991 1059 1397 756 1098 1330 1129 774 847 1206 1340 1166 816 821 919 1214 1320 1161 1207 1246 1006 1198 1331 1101 1214 1172 1137 1172 1309 1051 1009 1072 1118 1106 1197 1091 895 803 997 822
NITEM 0 1 0 1 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 1 0 0 1 0 0 0 1 0 0 0 0
TPRICE 5 5 5 5 5 5 5 5 3 2.5 3 5 5 3 5 5 3 2.5 5 5 5 3 5 5 5 5 5 5 2.5 5 5 5 5 2.5 5 5 5 3 5 3 5 5 5 5 2.5 5 5 5 5 5 5 5