Question: 2. If we have a regression equation for forecasting breakfast sales as: Y = 20 + 0.8 X, how would you interpret the meaning of
2. If we have a regression equation for forecasting breakfast sales as: Y = 20 + 0.8 X, how would you interpret the meaning of the intercept or constant, 20, and the meaning of X coefficient, 0.8. Here Y is measured in terms of breakfast covers and X is the # of people staying in the hotel. 3. If we have a multiple regression forecast equation as: Y = 20 + 0.8X1 + 0.3X2 and Y is measured in terms of covers, X1 stands for number of hotel guests and X2 stands for number of guests at the adjacent hotel, how do you interpret the constant, 20, and the X1 and X2 coefficients, 0.8 and 0.3, respectively
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