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:

Intangibility

A characteristic of services that means they cannot be seen, touched, tasted, or easily quantified before they are purchased.

Perishable Nature

A characteristic of goods that have a limited lifespan and deteriorate or lose value over time, such as food products or live plants.

Inventory

The total amount of goods or materials held in stock by a business, including raw materials, work-in-progress, and finished goods.

Inconsistency

The quality of being irregular, erratic, or not consistent in principles, actions, or outcomes, often leading to unpredictability or conflict.