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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!