The data are in the form of the average customer views on Vy

The data are in the form of the average customer views on Vy = Price = the price (in USS) of dinner (including one drink k a tip) x1 = Food-customer rating of the food (out of 30) r2=l) x2 = Decor=customer rating of the decor (out of 30) x3=Service=customer rating of the service (out of 30) x4 = East = dummy variable=l (0) if hate restaurant is East (West)of Fifth Avenue First fill in the results that have boon blanked out before answering the following questions. Provide appropriate justifications to your responses to all the questions based on the summary results to get full credit Write down estimated the regression model (you must fill in the correct estimates for the parameter) that directly predicts the price of dinner (in dollars)using all four potential predictor variables. Determine which of the predictor variables. Food. Decor and Service has the largest estimated effect on Price? Is this effect also the most statistically significant? Discuss why tin* estimate, are comparable If the aim is to choose the location of the restaurant so tout the price achieved for dinner is maximized, should the new restaurant he on the East or West of Fifth Avenue? Does it seen, possible to achieve a price premium for \"setting a new standard for high-quality service in Manhattan\" for Italian restaurants?

Solution

 The data are in the form of the average customer views on Vy = Price = the price (in USS) of dinner (including one drink k a tip) x1 = Food-customer rating of

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