Thirsty Thursdays is an upscale all inclusive party that takes place on a Thursday night. The...

  

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"Thirsty Thursdays" is an upscale all inclusive party that takes place on a Thursday night. The promoter, a Utech graduate believes that the reduction in the number of patrons is as.a.result.of increase in ticket price. He has been tracking, analyzing data and developed a regression analysis in excel as seen in the printout below. SUMMARY OUTPUT Regression Statistics Multiple R 0.753937 R Square 0.568421 Adjusted R 0.514474 Standard E 651.0488 Observation ANOVA Regression Residual Total df 10 5.5 MS F ignificance F 1 4466084 4466084 10.53658 0.011771 8 3390916 423864.5 9 7857000 Coefficients andard Erro t Stat Intercept 6541.664 765.0242 8.550923 P-value Lower 95% Upper 95% ower 95.0%Upper 95.0% 2.7E-05 4777.515 8305.813 4777.515 8305.813 X Variable: -0.44872 0.138237 -3.24601 0.011771 -0.76749 -0.12994 -0.76749 -0.12994 a) From the printout above develop the least squares estimated regression equation of the study to 2 decimal places 5 marks b) What is the value of the Product Moment Co-efficient of Correlation? What is the relationship between the variables? 3 marks Is the model a good predictor, why? 4 marks "Thirsty Thursdays" is an upscale all inclusive party that takes place on a Thursday night. The promoter, a Utech graduate believes that the reduction in the number of patrons is as.a.result.of increase in ticket price. He has been tracking, analyzing data and developed a regression analysis in excel as seen in the printout below. SUMMARY OUTPUT Regression Statistics Multiple R 0.753937 R Square 0.568421 Adjusted R 0.514474 Standard E 651.0488 Observation ANOVA Regression Residual Total df 10 5.5 MS F ignificance F 1 4466084 4466084 10.53658 0.011771 8 3390916 423864.5 9 7857000 Coefficients andard Erro t Stat Intercept 6541.664 765.0242 8.550923 P-value Lower 95% Upper 95% ower 95.0%Upper 95.0% 2.7E-05 4777.515 8305.813 4777.515 8305.813 X Variable: -0.44872 0.138237 -3.24601 0.011771 -0.76749 -0.12994 -0.76749 -0.12994 a) From the printout above develop the least squares estimated regression equation of the study to 2 decimal places 5 marks b) What is the value of the Product Moment Co-efficient of Correlation? What is the relationship between the variables? 3 marks Is the model a good predictor, why? 4 marks