Question

Concur Technologies, Inc., is a large expense-management company located in Redmond, Washington. The Wall Street Journal asked Concur to examine the data from 8.3 million expense reports to provide insights regarding business travel expenses. Their analysis of the data showed that New York was the most expensive city, with an average daily hotel room rate of $198 and an average amount spent on entertainment, including group meals and tickets for shows, sports, and other events, of $172. In comparison, the U.S. averages for these two categories were $89 for the room rate and $99 for entertainment. The table in the Excel Online file below shows the average daily hotel room rate and the amount spent on entertainment for a random sample of 9 of the 25 most visited U.S. cities (The Wall Street Journal, August 18, 2011). Construct a spreadsheet to answer the following questions. City Hotel Room Rate ($) Entertainment ($) Boston 145 161 Denver 96 105 Nashville 95 102 New Orleans 106 140 Phoenix 89 99 San Diego 103 122 San Francisco 138 166 San Jose 93 138 Tampa 80 99 Develop the least squares estimated regression equation. Entertainment = __ + _ Room Rate (to 4 decimals) Provide an interpretation for the slope of the estimated regression equation (to 3 decimals). The slope of the estimated regression line is approximately _ . So, for every dollar increase in the hotel room rate the amount spent on entertainment increases by $_. The average room rate in Chicago is $128, considerably higher than the U.S. average. Predict the entertainment expense per day for Chicago (to whole number). $___.

          Concur Technologies, Inc., is a large expense-management company
located in Redmond, Washington.  The Wall Street
Journal asked Concur to examine the data from 8.3 million
expense reports to provide insights regarding business travel
expenses. Their analysis of the data showed that New York was the
most expensive city, with an average daily hotel room rate of $198
and an average amount spent on entertainment, including group meals
and tickets for shows, sports, and other events, of $172. In
comparison, the U.S. averages for these two categories were $89 for
the room rate and $99 for entertainment. The table in the Excel
Online file below shows the average daily hotel room rate and the
amount spent on entertainment for a random sample of 9 of the 25
most visited U.S. cities (The Wall Street Journal, August
18, 2011). Construct a spreadsheet to answer the following
questions.
City
Hotel Room Rate ($)
Entertainment ($)
Boston
145
161
Denver
96
105
Nashville
95
102
New Orleans
106
140
Phoenix
89
99
San Diego
103
122
San Francisco
138
166
San Jose
93
138
Tampa
80
99
Develop the least squares estimated regression
equation. Entertainment = ______ + _______ Room Rate (to 4
decimals)
Provide an interpretation for the slope of the estimated
regression equation (to 3 decimals).
The slope of the estimated regression line is approximately
_____  . So, for every dollar increase in the hotel
room rate the amount spent on entertainment increases by
$_____.
The average room rate in Chicago is $128, considerably higher
than the U.S. average. Predict the entertainment expense per day
for Chicago (to whole number). $_____.

Added by Amanda M.

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