Summated_Rating Cost_($_per_person) 51 39 70 51 66 59 67 57 64 43 58 42 55 43 65 43 52 34 48 31 50 42 51 35 76 85 65 54 56 36 51 33 58 34 48 23 54 42 58 45 65 66 63 59 54 25 73 46 69 49 Note: you should provide the excel report of regression results. You have to shoe and explain all your work verbally. Zagat publishes restaurant ratings for various locations in the United States. The Spreadsheet WS2-Restaurants contains the Zagat rating and the cost per person for a sample of 25 restaurants located in the center of New York City and in an outlying area of New York City. Develop a regression model to predict the cost per person, based on the Zagat rating of the restaurant. Create a scatter diagram. 1. Interpret the meaning of the Y intercept, b0, and the slope, b1, in this problem. 2. Predict the cost per person for a restaurant with a summated rating of 50. 3. What is the value of the residual for a restaurant with a summated rating of 50? 4. Determine the coefficient of determination, r2, and interpret its meaning.
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Please answer all questions fully as requested and label answers. Data included:
| Summated_Rating | Cost_($_per_person) |
| 51 | 39 |
| 70 | 51 |
| 66 | 59 |
| 67 | 57 |
| 64 | 43 |
| 58 | 42 |
| 55 | 43 |
| 65 | 43 |
| 52 | 34 |
| 48 | 31 |
| 50 | 42 |
| 51 | 35 |
| 76 | 85 |
| 65 | 54 |
| 56 | 36 |
| 51 | 33 |
| 58 | 34 |
| 48 | 23 |
| 54 | 42 |
| 58 | 45 |
| 65 | 66 |
| 63 | 59 |
| 54 | 25 |
| 73 | 46 |
| 69 | 49 |
Note: you should provide the excel report of regression results.
You have to shoe and explain all your work verbally.
Zagat publishes restaurant ratings for various locations in the United States. The Spreadsheet WS2-Restaurants contains the Zagat rating and the cost per person for a sample of 25 restaurants located in the center of New York City and in an outlying area of New York City.
Develop a regression model to predict the cost per person, based on the Zagat rating of the restaurant.
Create a
1. Interpret the meaning of the Y intercept, b0, and the slope, b1, in this problem.
2. Predict the cost per person for a restaurant with a summated rating of 50.
3. What is the value of the residual for a restaurant with a summated rating of 50?
4. Determine the coefficient of determination, r2, and interpret its meaning.
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