A Researcher Analyzes the Factors That May Influence Amusement Park

question 52

Multiple Choice

A researcher analyzes the factors that may influence amusement park attendance. She estimates the following model: Attendance = β₀ + β₁Price + β₂Temperature + β₃Rides + ε, where Attendance is the daily attendance (in 1,000s) , Price is the gate price (in $) , Temperature is the average daily temperature (in °F) , and Rides is the number of rides at the amusement park. A portion of the regression results is shown in the accompanying table. When testing whether the explanatory variables Temperature and Rides are jointly significant, the error sum of squares for the restricted model is SSE_R = 12,343.78. Which of the following is the value of the test statistic when conducting this test?

• A) −4.09
• B) 25.33
• C) 49.58
• D) 99.78

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Definitions:

Tangible Components

These are the physical assets of a business or product which can be seen, touched, and measured.

Manufacturing Cost

The total expense incurred in the process of producing a product, including raw materials, labor, and overhead costs.

General and Administrative

Expenses related to the day-to-day operations of a business that are not directly tied to production, including salaries of non-production staff, office supplies, and rent.

Direct Materials

Raw materials that are directly traceable to the production of a specific good or product.