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 $99 for entertainment. The table in the Excel Online file below shows the average daily hotel room rate and the amount spent on entertainment for a random sample of 9 of the 25 most visited U.S. cities (The Wall Street Journal, August 18, 2011). Construct a spreadsheet to answer the following questions. City Hotel Room Rate ($) Entertainment ($) Boston 145 163 Denver 97 105 Nashville 93 101 New Orleans 109 141 Phoenix 90 101 San Diego 98 121 San Francisco 139 166 San Jose 94 138 Tampa 80 96 Develop the least squares estimated regression equation. Entertainment = _____________+______________Room Rate (to 4 decimals) Provide an interpretation for the slope of the estimated regression equation (to 3 decimals). 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 $
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 $198 and an average amount spent on entertainment, including group meals and tickets for shows, sports, and other
| City | Hotel Room Rate ($) | Entertainment ($) |
| Boston | 145 | 163 |
| Denver | 97 | 105 |
| Nashville | 93 | 101 |
| New Orleans | 109 | 141 |
| Phoenix | 90 | 101 |
| San Diego | 98 | 121 |
| San Francisco | 139 | 166 |
| San Jose | 94 | 138 |
| Tampa | 80 | 96 |
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Develop the least squares estimated regression equation.
Entertainment = _____________+______________Room Rate (to 4 decimals)
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Provide an interpretation for the slope of the estimated regression equation (to 3 decimals).
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 $____________.
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