Question: Refer to Chung, J. Y. and T. Whang, 2011, “The Impact of Low Cost Carriers on Korean

Island Tourism”, Journal of Transport Geography, 19, pp. 1335-1340.

An advertising campaign for a LCC in Korea claims that the entrance of LCC increases tourism demand in the Jeju Island by more than 50,000 people, over the same period of this study. Test whether these claims are correct at the 5 percent significance level using both models. (refer to Table 2, pg. 1338)