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INTRODUCTION TO STATISTICAL MODELLING IN R

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P.M.E.Altham, University of Cambridge 31Hire (per week).Fit the modellog(price) ~ place + itemand interpret the results. Note that this model is more appropriate thanprice ~ place + itemcan you see why? Which is the most expensive resort? How are your conclusionsaltered if you remove the final column (ie car-hire) in the Table?Finally, for the racing enthusiasts:for the Cheltenham Gold Cup, March 18, 2004, I computed the following table ofprobabilities from the published Bookmakers’ Odds:thus, eg .6364 corresponds to odds of 4-7 (.6364 = 7/11).In the event, BestMate was the winner, for the 3rd year in succession! (Note addedNovember 3, 2005: sadly BestMate has just died.)Corals WmHills Ladbrokes Stanleys ToteBestMate .6364 .6364 .6364 .6000 .6000TheRealBandit .125 .1111 .0909 .1111 .1111KeenLeader .0909 .0909 .0833 .0909 .0769IrishHussar .0667 .0909 .0909 .0833 .0833BeefOrSalmon .0909 .0769 .0909 .0769 .0667FirstGold .0833 .0769 .0909 .0769 .0769HarbourPilot .0588 .0667 .0588 .0588 .0588TruckersTavern .0476 .0588 .0667 .0588 .0588SirRembrandt .0385 .0294 .0294 .0294 .0244AlexB’quet .0149 .0099 .0099 .0149 .0149Suggestion:x

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