A researcher analyzes the factors that may influence amusement park attendance.

Question

A researcher analyzes the factors that may influence amusement park attendance. She estimates the following model: Attendance = 0 + 1Price + 2Temperature + 3Rides + , where Attendance is the daily attendance (in 1,000s), Price is the gate price (in $), Temperature is the average daily temperature (in °F), and Rides is the number of rides at the amusement park. A portion of the regression results is shown in the accompanying table.

When testing whether Price is significant in explaining Attendance, the value of the test statistic is ________.

df SS MS F Significance F Regression 3 29,524.41 9,841.47 2.18E-14 Residual 26 2,564.37 98.63 Total 29 32,088.78 Coefficients Standard Error t-stat p-value Lower 95% Upper 95% Intercept 27.328 40.254 0.5032 55.415 110.071 Price 1.201 0.294 0.0004 1.805 0.598 Temperature 0.008 0.208 0.9693 0.419 0.435 Rides 3.621 0.364 2.32E-10 2.874 4.369

Explanation / Answer

Correct Answer: Option (C) -4.0850

since

Test statistic = -1.201/0.294 = -4.0850

Here P-value of Price is <0.05,so we reject H0

thus we conclude that the population regression coefficient of price is not equal to zero

i.e. Price is significant in explaining Attendance

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