Solved

The Management of a Professional Baseball Team Is in the Process

Question 19

Essay

The management of a professional baseball team is in the process of determining the budget for next year.A major component of future revenue is attendance at the home games.In order to predict attendance at home games the team statistician has used a multiple regression model with dummy variables.The model is of the form: y = β\beta 0 + β\beta 1x1 + β\beta 2x2 + β\beta 3x3 + ε\varepsilon where:
Y = attendance at a home game
x1 = current power rating of the team on a scale from 0 to 100 before the game.
x2 and x3 are dummy variables,and they are defined below.
x2 = 1,if weekend
x2= 0,otherwise
x3= 1,if weather is favorable
x3= 0,otherwise
After collecting the data based on 30 games from last year,and implementing the above stated multiple regression model,the team statistician obtained the following least squares multiple regression equation: The management of a professional baseball team is in the process of determining the budget for next year.A major component of future revenue is attendance at the home games.In order to predict attendance at home games the team statistician has used a multiple regression model with dummy variables.The model is of the form: y = \beta <sub>0</sub> + \beta <sub>1</sub>x<sub>1</sub> + \beta <sub>2</sub>x<sub>2</sub> + \beta <sub>3</sub>x<sub>3</sub> + \varepsilon where: Y = attendance at a home game x<sub>1</sub> = current power rating of the team on a scale from 0 to 100 before the game. x<sub>2</sub> and x<sub>3</sub> are dummy variables,and they are defined below. x<sub>2</sub> = 1,if weekend x<sub>2</sub>= 0,otherwise x<sub>3</sub>= 1,if weather is favorable x<sub>3</sub>= 0,otherwise After collecting the data based on 30 games from last year,and implementing the above stated multiple regression model,the team statistician obtained the following least squares multiple regression equation: The multiple regression compute output also indicated the following: Assume today is Saturday morning and the weather forecast indicates sunny,excellent weather conditions for the rest of the day and that the overall model is useful in predicting the game attendance.Later today,there is a home baseball game for this team.If the current power rating of the team is 92,use the model given above and predict the attendance for today's game. The multiple regression compute output also indicated the following: The management of a professional baseball team is in the process of determining the budget for next year.A major component of future revenue is attendance at the home games.In order to predict attendance at home games the team statistician has used a multiple regression model with dummy variables.The model is of the form: y = \beta <sub>0</sub> + \beta <sub>1</sub>x<sub>1</sub> + \beta <sub>2</sub>x<sub>2</sub> + \beta <sub>3</sub>x<sub>3</sub> + \varepsilon where: Y = attendance at a home game x<sub>1</sub> = current power rating of the team on a scale from 0 to 100 before the game. x<sub>2</sub> and x<sub>3</sub> are dummy variables,and they are defined below. x<sub>2</sub> = 1,if weekend x<sub>2</sub>= 0,otherwise x<sub>3</sub>= 1,if weather is favorable x<sub>3</sub>= 0,otherwise After collecting the data based on 30 games from last year,and implementing the above stated multiple regression model,the team statistician obtained the following least squares multiple regression equation: The multiple regression compute output also indicated the following: Assume today is Saturday morning and the weather forecast indicates sunny,excellent weather conditions for the rest of the day and that the overall model is useful in predicting the game attendance.Later today,there is a home baseball game for this team.If the current power rating of the team is 92,use the model given above and predict the attendance for today's game. Assume today is Saturday morning and the weather forecast indicates sunny,excellent weather conditions for the rest of the day and that the overall model is useful in predicting the game attendance.Later today,there is a home baseball game for this team.If the current power rating of the team is 92,use the model given above and predict the attendance for today's game.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q4: The assumption of independent error terms in

Q14: The management of a professional baseball

Q15: Below is a partial multiple regression ANOVA

Q16: A member of the state legislature has

Q17: Consider the following partial computer output for

Q24: In a multiple regression model,a point

Q39: In a multiple regression analysis,if the normal

Q56: A t-test is used in testing the

Q141: The effects of different levels of qualitative

Q146: In multiple regression analysis,the explained sum of