Compute the regression coefficients

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Reference no: EM132728780

Zagat's publishes restaurant ratings for various locations in the US. The file Restaurants contains the Zagat rating for food, decor, service, and the cost per person for a sample of 100 restaurants located in New York City and in a suburb of New York city. Develop a regression model to predict the cost per person, based on a variable that represents the sum of the ratings for food, decor, and service.

Problem a. Construct a scatter plot

Problem b. assuming a linear relationship, use the least squares method of compute the regression coefficients bo and b1.

Problem c. Interpret the meaning of the Y intercept, bo, and the slope, b1 in this problem

Problem d. Predict the mean cost per person for a restaurant with a summated rating of 50.

Problem e. What should you tell the owner of a group of restaurants in this geographical area about the relationship between the summated rating and the cost of a meal?

Reference no: EM132728780

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