Concur Technologies, Inc., is a large expense-management company located in Redmond, Washington. The Wall Street Journal asked Concur to examine the data from 8.3 million expense reports to provide insightsregarding business travel expenses. Their analysis of the data showed that New York was the most expensive city, with an average daily hotel room rate of $198 and an average amount spent on entertainment,including group meals and tickets for shows, sports, and other events, of $172. In comparison, the U.S. averages for these two categories were $89 for the room rate and $99 for entertainment. The table in the ExcelOnline file below shows the average daily hotel room rate and the amount spent on entertainment for a random sample of 9 of the 25 most visited U.S. cities (The Wall Street Journal, August 18, 2011). Construct aspreadsheet to answer the following questions.XOpen spreadsheeta. Choose the correct diagram for these data with the room rate as the independent variable.The correct scatter diagram is diagram D ✓b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?The scatter diagram indicates a positivec. Develop the least squares estimated regression equation.Entertainment =+Room Rate (to 4 decimals)d. Provide an interpretation for the slope of the estimated regression equation (to 3 decimals).The slope of the estimated regression line is approximatelySo, for every dollar increasein the hotel room rate the amount spent on entertainment increases by $e. The average room rate in Chicago is $128, considerably higher than the U.S. average. Predict the entertainment expense per day for Chicago (to whole number).A.B.$Entertainment (S)-180160140120100-80180160Entertainment ($)14012010080-80.8090 100 11090·100linear relationship between the hotel room rate and the amount spent on entertainment.120 130 140Hotel Room Rate (S)150 160 170110 120 130 140 150 160 170Hotel Room RadRate ($)C.D.-160-140-120-100-80-180Entertainment ($)-160-14012010080 90-808010090100110 120 130 140 150 160 170+Hotel Room Rate ($)110120 130 140 150 160 170Hotel Room Rate ($) 1City2 Boston3 Denver4 Nashville5 New Orleans6 Phoenix7 San Diego8910 Tampa11121314151617181920212223A24252627282930San FranciscoSan JoseBHotel Room Rate Entertainment($)($)14610090113921031328782163104991439812116614098DEPart a.Part c.Part e.SlopeInterceptGUse the area below to draw a scatter diagram.Room Rate in ChicagoEntertainment Expense forChicagoH128Formula#N/A#N/A#N/AJK

Given the data on the Hotel Room Rates and the Entertainment for different cities. The data is as follows,The requirements for the given problem are as followsa) The scatter diagram for the given datab) Interpreting the scatter plotc) A regression model for relating to given variablesd) Interpretation of the slope coefficiente) Predicting the value of Entertainment when the Room rate is $128a) The steps involved in plotting the scatter diagram in Excel are as followsEnter the given data in Excel and identify which variable is to be plotted against the x-axis and the y-axisFor the given data, the Hotel Room rate is taken along the x-axis and Entertainment is taken along the y-axis.Select the data and navigate to Insert ribbon. Then go to Charts and select the plot type Scatter.To the resultant plot, provide the required axis titles.The Excel output is as followsThe Option that matches the resultant plot is Option (D)b) Interpreting the Scatter plot: From the scatter plot, it is evident that as the room rate increases the value corresponding to Entertainment also increases linearly. This suggests that there is a positive linear relationship between the two variables.Therefore the correct interpretation isThe scatter diagram indicated a positive linear relationship between the hotel room rate and the amount spent on entertainment.c) A linear regression is given by the formulay=β0+β1∗x+ϵHere,y = Entertainment (dependent variable)x = Room Rate (Independent variable)β0 = Intercept coefficient β1 = Slope coefficient ϵ is the error term in the modelIn Excel, the slope and intercept terms can be directly estimated using the following function =LINEST(y,x,TRUE,FALSE)The above function provides both the coefficient at once. To extract the one-coefficient at a time use the Excel function=INDEX( \bf LINEST(y,x,TRUE,FALSE) , 1, [column_num]) ....(1)Here in the formula (1),if [column_num] = 1, then β1 is obtained.if [column_num] = 2, then β0 is obtained.The Excel output is as followsTherefore the estimated regression model is d) Interpretation of the regression model:The interpretation for the coefficients using the estimated regression model for entertainment spending is as followsThe slope coefficient represents the estimated increase in entertainment spending for each additional dollar in the hotel room rate.The intercept coefficient represents the estimated entertainment spending when the room rate is zeroThus the correct interpretation of the slope coefficient is The slope of the estimated regression line is approximately . So, for every dollar increase in the hotel room rate, the amount spent on entertainment increases byThe slope of the estimated regression line is approximately . So, for every dollar increase in the hotel room rate, the amount spent on entertainment increases by The slope of the estimated regression line is approximately . So, for every dollar increase in the hotel room rate, the amount spent on entertainment increases by $ .nbsp; .e) Given that the average room rate for Chicago is, x0=$ 218To predict the entertainment expenses, substitute the new value x0 in the estimated model.Thus, the predicted value of the entertainment expense per day for Chicago when the average room rate is 128isa) The correct scatter diagram for the given data is option (D)b) Interpretation of the scatter plot:The scatter diagram indicated a positive linear relationship between the hotel room rate and the amount spent on entertainment.c) The estimated regression model is d) The correct interpretation of the slope coefficient is as follows,The slope of the estimated regression line is approximately So, for every dollar increase in the hotel room rate, the amount spent on entertainment increases by $e) The predicted value of the entertainment expense per day for Chicago when the average room rate is 128 is

Math

Statistics

Concur Technologies, Inc., is a large expense-management company located in Redmond, Washington. The Wall Street Journal asked Concur to examine the data from 8.3 million expense reports to provide insights regarding business travel expenses. Their analysis of the data showed that New York was the most expensive city, with an average daily hotel room rate of $198 and an average amount spent on entertainment, including group meals and tickets for shows, sports, and other events, of $172. In comparison, the U.S. averages for these two categories were $89 for the room rate and $99 for entertainment. The table in the Excel Online file below shows the average daily hotel room rate and the amount spent on entertainment for a random sample of 9 of the 25 most visited U.S. cities (The Wall Street Journal, August 18, 2011). Construct a spreadsheet to answer the following questions. Open spreadsheet a. Choose the correct diagram for these data with the room rate as the independent variable. The correct scatter diagram is diagram D✔. b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? The scatter diagram indicates a positive c. Develop the least squares estimated regression Entertainment= [ ]+[ d. Provide an interpretation for the slope of the estimated regression equation (to 3 decimals). The slope of the estimated regression line is approximately [ A. B. Entertainment ($) e. The average room rate in Chicago is $128, considerably higher than the U.S. average. Predict the entertainment expense per day for Chicago (to whole number). $ 180 +160 140 -120 -100 -80 -180 +160 . -100 linear relationship between the hotel room rate and the amount spent on entertainment. equation. Room Rate (to 4 decimals) SO 90 100 Entertainment ($) 140 F... -120 SO 90 100 120 Hotel Room Rate (5) . So, for every dollar increase in the hotel room rate the amount spent on entertainment increases by s 110 120 130 140 150 160 170 +Hotel Room Rate (5) Battl 110 130 140 150 160 170 C. D. +160 -140 -120 +100 -80 Entertainment (5) +180 +160 +140 -120 +100 SO 90 100 110 120 130 140 150 160 170 Hotel Room Rate (5) food -80 ". SO 90 100 110 120 130 140 150 160 170 ottofond Hotel Room Rate (5)