Question: Zagat's publishes restaurant ratings for various locations in the U.S. The Excel file Restaurants contains the Zagat rating for food, décor, service, and the cost per person for a sample of 100 restaurants located in NYC and in a suburb of NYC. Develop a regression model to predict the price per person, based on a variable that represents the sum of the ratings for food, décor, and service. HINT: Simple Linear Regression.
a. Assuming a linear cost relationship, what are the regression coefficients, b0 and b1?
b. Predict the cost per person for a restaurant with a summated rating of 50.
c. What is the coefficient of determination, and what is its meaning?
d. What is the standard error of the estimate?
e. Using the t Test for the correlation coefficient is there evidence of a significant association between the price per person and a restaurants summated rating?