Smith Travel Research has reported average occupancy and room rates for hotels in the largest U.S. h


Question: Smith Travel Research has reported average occupancy and room rates for hotels in the largest U.S. hotel markets. For y = average room rate (dollars) and x = average occupancy rate (percent), fit a second-order polynomial model to the data and determine the percentage of the variation in average room rates that is explained by the model. Given the nature of these variables, comment on causation possibilities that might be present.

%Occupancy $Avg Rate
78.70 80.99
68.70 82.48
63.90 76.50
71.70 101.76
70.80 100.25
80.50 169.19
66.90 78.74
71.50 86.50
68.10 76.43
79.90 118.60
64.10 70.05
71.90 91.77
69.50 99.18
77.50 111.99
65.40 72.98
74.30 116.58
57.70 64.93
66.10 70.25
58.00 74.33
70.70 90.49
66.80 73.20
69.00 76.84
72.40 89.82
63.10 68.80
69.00 104.96
78.50 74.76
Price: $2.99
Solution: The solution consists of 3 pages
Solution Format: Word Document

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