Question: 1.Analyse the linear regression output between average parking rates per month and related variables given below and answer the following questions: - Regression Statistics Multiple

1.Analyse the linear regression output between average parking rates per month and related variables given below and answer the following questions: -

Regression Statistics

Multiple R

0.957104

R Square

0.916048

Adjusted R Square

0.900785

Standard Error

14.28333

Observations

ANOVA

Significance F

Regression

48974.67

12243.67

60.01401

1.62E-11

Residual

4488.296

204.0135

Total

53462.96

Coefficients

Standard Error

t Stat

P-value

Lower 95%

Upper 95%

Lower 95.0%

Upper 95.0%

Intercept

-176.898

361.5359

-0.4893

0.629475

-926.678

572.8813

-926.678

572.8813

Number of

weekly riders

0.001064

0.000516

2.064043

0.051004

-5.1E-06

0.002133

-5.1E-06

0.002133

Price per week

0.735537

0.435636

1.688421

0.105457

-0.16792

1.638992

-0.16792

1.638992

Population of city

-3.6E-05

0.000193

-0.18401

0.855693

-0.00044

0.000366

-0.00044

0.000366

Monthly income

of riders

0.012359

0.003476

3.555812

0.00177

0.005151

0.019567

0.005151

0.019567

a.Write the equation for the relationship between the average parking rates per month and the variables in the output?

b.What is the expected average parking rate per month for 191200 weekly riders, $15 price per week, 1780000 city population and $6400 monthly income of riders?

c.Is the relationship between dependent and independent variables statistically significant at 95% confidence Interval? Explain

d. Which variables are significant and which are not? Explain

e.What could be a better approach in finding the relationship between independent and dependent variables?

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