A suburban hotel derives its revenue from both hotel and restaurant operations. The owners are interested in the relationship between the number of rooms occupied on a nightly basis and the revenue per day in the restaurant. A sample of 25 days has been taken and the data provided in the Excel file. Rooms vs Revenue reg
Copy the data into your Excel file.
Create a scatterplot of the data.
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a. Interpret the scatterplot
Run the regression analysis using Excel Data Analysis/Regression function.
Use the Excel output to answer the questions below.
b. What is the value of the correlation coefficient? How would you interpret it?
c. What is the value of the coefficient of determination? How would you interpret it?
d. What are the hypotheses for the test of the slope? (write them out)
e What is the p-value for the test of the slope?
What conclusion do you make based on this p-value?
f. What is the regression formula that expresses the relationship between Rooms occupied and Restaurant Revenue?
g. Use your regression formula to forecast Restaurant Revenue if 45 Rooms are occupied.
h. Use your regression formula to forecast Restaurant Revenue if 25 Rooms are occupied.