The St. Lucian Government is interested in predicting the number of weekly riders on the public buses using the following variables:• • • •Price of bus trips per weekThe population in the cityThe monthly income of ridersAverage rate to park your personal vehicleDetermine the multiple regression equation for the data. What is the predicted value of the number of weekly riders if: price of bus trips per week = $24; population = $2,000,000; the monthly income of riders = $13,500; and average rate to park your personal vehicle = $150. Interpret the coefficient of determination. Number of weeklyPopulation ofcity1,800,0001,790,0001,780,0001,778,0001,750,0001,740,0001,725,0001,725,0001,720,0001,705,0001,710,000Monthly income ofridersPrice perCityAverage parking rates permonthridersweek$5,800$6,200$6,400$6,500$6,550$6,580$8,200$8,600$8,800$9,200$9,6301$15$50192,000190,400191,200177,600176,800178,400180,800175,200174,4002$15$503$15$60$60$604$255$25$25$707$25$758.$30$75$30$7510173,920$30$8011172,800$30$80$40$10,570$11,33012$80163,200161,600161,600160,800159,200148,800115,696147,200150,400152,000136,000126,2401,700,0001,695,0001,695,0001,690,0001,630,0001,640,0001,635,0001,630,0001,620,0001,615,0001,605,0001,590,0001,595,0001,590,0001,600,00013$40$85$40$11,600$11,800$11,83014$10015$40$10516$40$105$65$12,650$13,000$13,224$13,766$14,010$14,468$15,000$15,200$15,600$16,00017$10518$102$11019$75$12520$75$13021$75$15022$80$15523$86$16524$98$175123,888126,08025$87$17526151,680$77$190

Given information: City Number of weekly riders Price per week Population of city Monthly income…

Answered: The St. Lucian Government is interested…

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The St. Lucian Government is interested in predicting the number of weekly riders on the public buses using the following variables:

• • • •

Price of bus trips per week
The population in the city
The monthly income of riders
Average rate to park your personal vehicle

Determine the multiple regression equation for the data.
What is the predicted value of the number of weekly riders if: price of bus trips per week = $24; population = $2,000,000; the monthly income of riders = $13,500; and average rate to park your personal vehicle = $150.
Interpret the coefficient of determination.

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At the 5% significance level, does it appear that price of bus trips per week, population or average rate to park your personal vehicle

can be removed from the model as unnecessary? In responding, construct and test any appropriate hypothesis.

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