Each winter, many Canadians travel to the Caribbean for a winter vacation. Some people call them snow
Question:
Each winter, many Canadians travel to the Caribbean for a winter vacation. Some people call them “snow birds,” including Jeff Mohammed who heads up a company offering all-inclusive packages. He has deals with a number of hotels and airlines and offers prices that depend on the quality of the hotel (four or five stars) and the month of the year. The file ch21_MCSP_snow_birds contains data on the number of bookings he obtained during January to March last year for three-night stays. This year, he wants to estimate the number of bookings he will obtain based on last year’s data. Develop a multiple regression model for Jeff taking into account (i) indicator variables, (ii) interaction terms, and (iii) nonlinearity.
Step by Step Answer:
Business Statistics
ISBN: 9780133899122
3rd Canadian Edition
Authors: Norean D. Sharpe, Richard D. De Veaux, Paul F. Velleman, David Wright