The following results are from data that were collected from a sample of Chicago Cubs baseball games. The dependent variable is ATTENDANCE, TEMP is a variable measuring the forecasted game-time temperature: WIN% is a variable measuring the winning percentage of the Cubs before the game is played, OPWIN% is a variable measuring the winning percentage of their opponent, WEEKEND is a dummy variable = 1 if the game is played on a weekend and = 0 if the game is played during a weekday, PROMOTION is a dummy variable = 1 if there is a promotion for the game (giving away something to those who attend the game) and = 0 if there is not a promotion, and WEEK*PROM is an interaction term equal to WEEKEND*PROMOTION. What is the predicted attendance if TEMP = 70, WIN% = 500, OPWIN% = 500, the game is played on a weekday and there is NO promotion? e) What is the predicted attendance if TEMP = 70, WIN% = 500, OPWIN% = 500, the game is played on a weekday and there is a promotion? f) Based on your answers to the previous 2 questions, what is the marginal impact of offering a promotion for weekday games? g) Based on your answers to c) and f), if you were in charge of deciding when promotion should be offered, would you suggest that you have a promotion on a weekend or a weekday? Explain.
The following results are from data that were collected from a sample of Chicago Cubs baseball games. The dependent variable is ATTENDANCE, TEMP is a variable measuring the forecasted game-time temperature: WIN% is a variable measuring the winning percentage of the Cubs before the game is played, OPWIN% is a variable measuring the winning percentage of their opponent, WEEKEND is a dummy variable = 1 if the game is played on a weekend and = 0 if the game is played during a weekday, PROMOTION is a dummy variable = 1 if there is a promotion for the game (giving away something to those who attend the game) and = 0 if there is not a promotion, and WEEK*PROM is an interaction term equal to WEEKEND*PROMOTION. What is the predicted attendance if TEMP = 70, WIN% = 500, OPWIN% = 500, the game is played on a weekday and there is NO promotion? e) What is the predicted attendance if TEMP = 70, WIN% = 500, OPWIN% = 500, the game is played on a weekday and there is a promotion? f) Based on your answers to the previous 2 questions, what is the marginal impact of offering a promotion for weekday games? g) Based on your answers to c) and f), if you were in charge of deciding when promotion should be offered, would you suggest that you have a promotion on a weekend or a weekday? Explain.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section: Chapter Questions
Problem 13PT
Related questions
Question
7) The following results are from data that were collected from a sample of Chicago Cubs baseball games. The dependent variable is ATTENDANCE, TEMP is a variable measuring the forecasted game-time temperature: WIN% is a variable measuring the winning percentage of the Cubs before the game is played, OPWIN% is a variable measuring the winning percentage of their opponent, WEEKEND is a dummy variable = 1 if the game is played on a weekend and = 0 if the game is played during a weekday, PROMOTION is a dummy variable = 1 if there is a promotion for the game (giving away something to those who attend the game) and = 0 if there is not a promotion, and WEEK*PROM is an interaction term equal to WEEKEND*PROMOTION. What is the predicted attendance if TEMP = 70, WIN% = 500, OPWIN% = 500, the game is played on a weekday and there is NO promotion?
e) What is the predicted attendance if TEMP = 70, WIN% = 500, OPWIN% = 500, the game is played on a weekday and there is a promotion?
f) Based on your answers to the previous 2 questions, what is the marginal impact of offering a promotion for weekday games?
g) Based on your answers to c) and f), if you were in charge of deciding when promotion should be offered, would you suggest that you have a promotion on a weekend or a weekday? Explain.
Transcribed Image Text:7) The following results are from data that were collected from a sample of Chicago Cubs baseball
games. The dependent variable is ATTENDANCE, TEMP is a variable measuring the forecasted game
time temperature: WIN% is a variable measuring the winning percentage of the Cubs before the game
is played, OPWIN% is a variable measuring the winning percentage of their opponent, WEEKEND is
a dummy variable 1 if the game is played on a weekend and 0 if the game is played during a
weekday, PROMOTION is a dummy variable = 1 if there is a promotion for the game (giving away
something to those who attend the game) and = 0 if there is not a promotion, and WEEK*PROM is an
interaction term equal to WEEKEND*PROMOTION.
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
0.639
0.408
0.360
Standard Error
4289
Observations
81
ANOVA
df
6.
SS
MS
Significance F
0.00000051
Regression
937187572
156197929
8.49
Residual
74
1361494231
18398571
Total
80
2298681803
Coefficients
Standard Error
t Stat
P-value
Upper 95%
24536.7
Lower 95%
Intercept
Temp
12405.7
6088.2
2.04
0.05
274.8
72.6
38.9
1.87
0.07
-4.8
150.1
Win%
24.3
12.4
1.97
0.05
-0.3
49.0
OpWin%
5.7
6.0
0.94
0.35
-6.3
17.6
Weekend
5254.6
1654.8
3.18
0.00
1957.2
8551.9
Promotion
4432.5
1363.6
3.25
0.00
1715.5
7149.5
Week*Prom
-3057.6
1830.5
-1.67
0.10
-6700.3
585.1
a)
What is the predicted attendance if TEMP = 70, WIN% = 500, OPWIN% = 500, the game is
played on a weekend and there is NO promotion?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill