4. Interpret the excel regression results below. SUMM ARY OUTP UT Regression Statistics Multiple R R Square Adjusted R Square 0.916112654 0.839262395 0.833719718 Standard E ror 0. 193622646 Observations 31 ANOVA df MS Significance F SS Regression 1 5.676629734 5.676629734 151.4182656 4.91029E-13 Residual 29 1.087202139 0.037489729 Total 30 6.763831874 Coefficients Standard Eror t Stat Pvalue Lower 95% Upper 95% Intercept 8.44 0.47613692 17.72316294 4.22539E-17 7.464842337 9.412462084 In P -1.58 0. 128360421 -12.30521294 4.91029E -13 -1.842028993 -1.316975632 The regression is on daily ticket sales data, with varying prices. Natural logarithms were taken of both the number of tickets sold each day (dependent variable) and the price (independent variable) before running the regression. Give specific responses to the following: What is the effect of a 1% increase in price on ticket sales? Is the estimated effect statistically significant? How much of the total variation in InQ is explained by InP?

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4. Interpret the excel regression results below.
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
0.916112654
0.839262395
Adjusted R Square
Standard E ror
0.833719718
0.193622646
Observations
31
ANOVA
Significance F
4.91029E-13
df
MS
F
Regression
1
5.676629734
5.676629734 151.4182656
Residual
29
1.087202139
0.037489729
Total
30
6.763831874
Coefficients
Standard Eror
t Stat
P-value
Lower 95%
Upper 95%
Intercept
In P
8.44
0.47613692
17.72316294 4.22539E -17
7.464842337 9.412462084
-1.58
0.128360421 -12.30521294 4.91029E-13
-1.842028993 -1.316975632
The regression is on daily ticket sales data, with varying prices. Natural logarithms were taken of both
the number of tickets sold each day (dependent variable) and the price (independent variable) before
running the regression. Give specific responses to the following: What is the effect of a 1% increase in
price on ticket sales? Is the estimated effect statistically significant? How much of the total variation in
InQ is explained by InP?
Transcribed Image Text:4. Interpret the excel regression results below. SUMMARY OUTPUT Regression Statistics Multiple R R Square 0.916112654 0.839262395 Adjusted R Square Standard E ror 0.833719718 0.193622646 Observations 31 ANOVA Significance F 4.91029E-13 df MS F Regression 1 5.676629734 5.676629734 151.4182656 Residual 29 1.087202139 0.037489729 Total 30 6.763831874 Coefficients Standard Eror t Stat P-value Lower 95% Upper 95% Intercept In P 8.44 0.47613692 17.72316294 4.22539E -17 7.464842337 9.412462084 -1.58 0.128360421 -12.30521294 4.91029E-13 -1.842028993 -1.316975632 The regression is on daily ticket sales data, with varying prices. Natural logarithms were taken of both the number of tickets sold each day (dependent variable) and the price (independent variable) before running the regression. Give specific responses to the following: What is the effect of a 1% increase in price on ticket sales? Is the estimated effect statistically significant? How much of the total variation in InQ is explained by InP?
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