The management of an international hotel chain is in the process of evaluating the possible sites for a new unit on a beach resort

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The management of an international hotel chain is in the process of evaluating the possible sites for a new unit on a beach resort. As part of the analysis, the management is interested in evaluating the relationship between the distance of a hotel from the beach and the hotel’s average occupancy rate for the season. A sample of 14 existing hotels in the area is chosen, and each hotel reports its average occupancy rate. The management records the hotel’s distance (in miles) from the beach. The following set of data is obtained:Distance (miles) 0.1 0.1 0.2 0.3 0.4 0.4 0.5 0.6 0.7Occupancy (%) 92 95 96 90 89 96 90 83 85ContinueDistance (miles) 0.7 0.8 0.8 0.9 0.9Occupancy (%) 80 78 76 72 75Use the computer output on page 16 to respond to the following questions:A simple linear regression was ran with the occupancy rate as the dependent (explained) variable and distance from the beach as the independent (explaining) variableOccpnc = b + bDistncyWhat is the estimated regression equation?Interpret the meaning behind the values you get for both coefficients b and b.What sort of relationship exists between average hotel occupancy rate and the hotel’s distance from the beach? Does this relationship make sense to you? Why or why not?Interpret the R-Square value in your computer outputPredict the expected occupancy rate for a hotel that is (i) one mile from the beach in that area, (ii) one and half miles from the beach.In your mind, what other variables contribute positively or negatively to hotel occupancy besides distance from the beach?At a level of significance, α = 0.01 or 1 percent test the following pair of hypotheses:H: b= 0H: b≠ 0On the model: Occpnc = b + b(Distncy)What is your conclusion and why that particular conclusion?