Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Calculating the correlation and testing a correlation coefficient's significance

A suburban hotel derives its gross income from its 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. Below is a sample of 25 days (Monday through Thursday) from last year showing the restaurant income and number of rooms occupied?

Day

Income

Occupied

1

1452

23

2

1361

47

3

1426

21

4

1470

39

5

1456

37

6

1430

29

7

1354

23

8

1442

44

9

1394

45

10

1459

16

11

1399

30

12

1458

42

13

1537

54

14

1425

27

15

1445

34

16

1439

15

17

1348

19

18

1450

38

19

1431

44

20

1446

47

21

1485

43

22

1405

38

23

1461

51

24

1490

61

25

1426

39

 

Utilize a statistical software package to answer the following problems.

1.     a.    Does the breakfast revenue seem to increase as the number of occupied room's increases? Draw a scatter diagram to support your conclusion.

 

2.      b.    Determine the coefficient of correlation between the two variables. Interpret the value.

 

3.    c.   Is it reasonable to conclude that there is a positive relationship between revenue and occupied rooms? Use the .10 significance level.

 

4.      d.     What percent of the variation in revenue in restaurant is accounted for by the number of rooms occupied?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M918094

Have any Question? 


Related Questions in Statistics and Probability

Find the indicated area under the standard normal curve to

Find the indicated area under the standard normal curve. To the left of z= - 1.96 The area to the left of z = -1.96 under the standard normal curve is __.(Round to four decimal places as needed.)

A family is relocating from st louis missouri to california

A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants to know when it is o ...

1 explain the difference between rejecting and failing to

1. Explain the difference between rejecting and failing to reject the null hypothesis. In which case does a researcher conclude that the independent variable has an effect on the dependent variable? 2. Distinguish betwee ...

If the difference between two means is not statistically

If the difference between two means is not statistically significant, how certain are you that the independent variable really does not affect the dependent variable?

Among the best companies to work for in the us 33

Among the best companies to work for in the US, 33% experienced double digit job growth, 49% experienced single digit growth, and 18% experienced no growth or decline. A closer examination of the 30 companies that make u ...

1 describe a mixed or split-plot factorial design this

1. Describe a mixed, or split-plot, factorial design. This design is a hybrid of what two other designs? 2. What is a main effect? 3. How many main effects can be tested in a 2 x 2 design? In a 3 x 3 design? In a 2 x 2 x ...

Two sets of chromium analyses were performed on water

Two sets of chromium analyses were performed on water samples from a stream that runs near a chromium plating plant:                  Before the spill                                After the spill Mean :           0.95 ...

Consider the three alternative allocations of money m in an

Consider the three alternative allocations of money (m) in an economy composed of three people, with people labeled A, B, C, and alternative allocations labeled X, Y, Z. The values in the 9 cells are the moneys accruing ...

How did the supreme court aid the development of a market

How did the Supreme Court aid the development of a market economy?

Use the given degree of confidence and sample data to

Use the given degree of confidence and sample data to construct a confidence interval for the population proportion p. Round to three decimal places. n=74, x=12; 95% confidence.

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro