A suburban hotel derives its revenue from its hotel and restaurant operations. The owners are interested in the relationship between the number of rooms occupied on a nightly basis and the revenue per day in the restaurant. Below is a sample of 25 days (Monday through Thursday) from last year showing the restaurant income and number of rooms occupied.
Day | Revenue | Occupied | Day | Revenue | Occupied | ||||||||
1 | $ | 1,452 | 32 | 14 | $ | 1,425 | 31 | ||||||
2 | 1,361 | 20 | 15 | 1,445 | 51 | ||||||||
3 | 1,426 | 21 | 16 | 1,439 | 62 | ||||||||
4 | 1,470 | 25 | 17 | 1,348 | 45 | ||||||||
5 | 1,456 | 26 | 18 | 1,450 | 41 | ||||||||
6 | 1,430 | 23 | 19 | 1,431 | 62 | ||||||||
7 | 1,354 | 20 | 20 | 1,446 | 47 | ||||||||
8 | 1,442 | 39 | 21 | 1,485 | 43 | ||||||||
9 | 1,394 | 15 | 22 | 1,405 | 38 | ||||||||
10 | 1,459 | 50 | 23 | 1,461 | 36 | ||||||||
11 | 1,399 | 41 | 24 | 1,490 | 60 | ||||||||
12 | 1,458 | 35 | 25 | 1,426 | 65 | ||||||||
13 | 1,537 | 41 |
Determine the coefficient of correlation between the two variables. (Round your answer to 3 decimal places.)
Pearson Correlation-
State the decision rule for 0.025 significance level: H0: ρ ≤ 0; H1: ρ > 0. (Round your answer to 3 decimal places.)
Reject H0 if t >
Compute the value of the test statistic. (Round your answer to 2 decimal places.)
What percent of the variation in revenue in the restaurant is accounted for by the number of rooms occupied? (Round your answer to 1 decimal place.)
A suburban hotel derives its revenue from its hotel and restaurant operations. The owners are interested...
Exercise 13-40 (LO13-2) A suburban hotel derives its revenue from its hotel and restaurant operations. The owners are interested in the relationship between the number of rooms occupied on a nightly basis and the revenue per day in the restaurant. Below is a sample of 25 days (Monday through Thursday) from last year showing the restaurant income and number of rooms occupied. Day Day 14 15 Occupied 31 51 20 16 17 70 18 23 Revenue Occupied $ 1,452 65...