The owner of a restaurant chain has hired you to help them predict…The owner of a restaurant chain has hired you to help them predict daily revenues (in thousands of $) at various restaurant locations. In his opinion, the best predictors for daily revenue are: weekday (Yes or No, with No representing weekends and holidays), month of the year (Jan, Feb, Mar, etc., reference re-leveled to Jan), advertising expenditures the prior day, average price for a 3-course meal (in $), pandemic restrictions (None, Light, Moderate or Strong; with None as the reference level) and Location (DC, NY, FL, VA and MD; reference re-leveled to NY). Since revenue and average price are non-negative variables, we logged both in an OLS model as follows: Suppose that the predictors listed below are the only ones significant at p < 0.05: Please interpret each of these effects. BusinessEconomicsMicroeconomics ITEC 621
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