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 . )

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Definitions:

Statistical Displays

Statistical Displays are visual representations of data, such as graphs, charts, and tables, used to convey statistical information clearly.

Manipulate

To skillfully handle, control, or use a tool, instrument, or system, often in a scientific or technical context.

Creator's Conclusions

Judgements or determinations made by the creator or investigator based on the analysis or findings of a study.

Descriptive Statistics

Statistical methods that summarize or describe the basic features of a dataset, including measures like mean, median, and standard deviation.