What is the coefficient of determination

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Reference no: EM1399960

Zagat's publishes restaurant ratings for various locations in the U.S. The Excel file Restaurants contains the Zagat rating for food, décor, service, and the cost per person for a sample of 100 restaurants located in NYC and in a suburb of NYC. Develop a regression model to predict the price per person, based on a variable that represents the sum of the ratings for food, décor, and service.

a) Assuming a linear cost relationship, what are the regression coefficients, b0 and b1?

b) Predict the cost per person for a restaurant with a summated rating of 50.

c) What is the coefficient of determination, and wat is its meaning?

Reference no: EM1399960

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