A Marketing Manager Examines the Relationship Between the Attendance at Amusement

question 93

Essay

A marketing manager examines the relationship between the attendance at amusement parks and the price of admission.He estimates the following model: ,
where Attendance is the average daily number of people who attend an amusement park in July (in 1000s)and Price is the price of admission.The marketing manager would like to construct interval estimates for Attendance when Price equals $80.The researcher estimates a modified model where Attendance is the response variable and the Price is now defined as .A portion of the regression results is shown in the accompanying table. a.According to the modified model,what is the point estimate for Attendance when Price equals $80?
B)According to the modified model,what is a 95% confidence interval for Attendance when Price equals $80? (Note that . )
C)According to the modified model,what is a 95% prediction interval for Attendance when Price equals $80? (Note that . )

---

Definitions:

Inventory and Cost of Goods Sold

Represents the goods available for sale during a period and the cost associated with those goods that have been sold.

Inventory Damage

Inventory damage refers to the physical harm or deterioration of inventory items, which can lead to loss of value or usability for sale.

Inventory Valuation Method

A system or approach used to assess the monetary value of inventory on hand at the end of an accounting period, affecting cost of goods sold and net income.

Tax Advantage

A financial benefit given by government regulations that reduces taxes for businesses and individuals.