An analyst engaged in the tourism industry obtained detailed information on 76 travel packages offered by a
Question:
An analyst engaged in the tourism industry obtained detailed information on 76 travel packages offered by a Viennese travel agency. The file Travel contains the following variables:
- Price (price of the package for one person, in \(€\) )
- Distance (distance between departure and destination settlement, in kilometres)
- Mark (mean of former travelers' evaluation of the hotel, based on a scale of 0 to 10)
a. Develop a regression model to predict travel price based on distance.
b. Develop a regression model to predict travel price based on mark.
c. Develop a regression model to predict travel price based on distance and mark.
d. Compute and interpret the adjusted \(r^{2}\) for each of the three models.
e. Which of the three models do you think is the best predictor of price?
Step by Step Answer:
Public Finance An International Perspective
ISBN: 9789814365048
1st Edition
Authors: Joshua E. Greene