Zoo attendance. The Cincinnati Zoo and Botanical Gardens had a record attendance of 1.87 million visitors in 2017 (Cincinnati Business Courier website). Nonprofit organizations such as zoos and museums are becoming more sophisticated in their use of data to improve the customer experience. Being able to better estimate expected revenue is one of the analytics that allows nonprofits to better manage their operations.
The file ZooSpend contains sample data on zoo attendance. The file contains the data on 125 visits by families to zero: the amount spent, size of the family, the distance the family from the zoo (the gate attendee asks for the zip code of each family entering the zoo), and whether or not the family has a zoo membership (1=yes, 0=no).
a. Develop an estimated regression equation that predicts the amount of money spent by a given family size, whether or not a family has a zoo membership (1= yes, 0=no).
b. Test the significance of the zoo membership independent variable at the 0.05 level.
c. Give an explanation for the sign of the estimate you tested in part (b).
d. Test the overall significance of the model at the 0.05 level of significance.
e. Estimate the amount of money spent in a visit by a family of five that lives 125 miles from the zoo and does not have a zoo membership.
Zoo attendance. The Cincinnati Zoo and Botanical Gardens had a record attendance of 1.87 million visitors in 2017 (Cincinnati Business Courier website). Nonprofit organizations such as zoos and museums are becoming more sophisticated in their use of data to improve the customer experience. Being able to better estimate expected revenue is one of the analytics that allows nonprofits to better manage their operations.
The file ZooSpend contains sample data on zoo attendance. The file contains the data on 125 visits by families to zero: the amount spent, size of the family, the distance the family from the zoo (the gate attendee asks for the zip code of each family entering the zoo), and whether or not the family has a zoo membership (1=yes, 0=no).
a. Develop an estimated regression equation that predicts the amount of money spent by a given family size, whether or not a family has a zoo membership (1= yes, 0=no).
b. Test the significance of the zoo membership independent variable at the 0.05 level.
c. Give an explanation for the sign of the estimate you tested in part (b).
d. Test the overall significance of the model at the 0.05 level of significance.
e. Estimate the amount of money spent in a visit by a family of five that lives 125 miles from the zoo and does not have a zoo membership.
