Air travel is the foremost mode of transportation in the world today. Pricing methods used by airlines have a profound affect on travelers, and affects their decision of whether or not to travel. When prices are high, vacationers will decide to stay closer to home, and business travelers with use other methods such as video conferencing instead of meeting on site. Pressures on the airlines, such a fuel costs and employee contracts cause the cost of air travel to increase. In order for the airlines to stay in business, they have to pass the costs along to the consumer. This analysis attempts to understand the factors that influence ticket prices and how best to optimize those prices.
Using the following as the variables that determine ticket price:
? Departure Date and Time
? Number of Stops in a Flight
? Is the ticket refundable?
? Day of the Week
? First Class or Coach
? Saturday Night Stay
? Travel Packages
? Lead Time
Please help with the following:
a. Variable Definitions
Define the dependent and independent variables that are of interest in the situation chosen for the paper.
b. Level of Measurement
Define the level of measurement that will be applied to the dependent variable (nominal, ordinal, interval, or ratio). Describe the level of measurement of the independent variable and how it will be changed to cause a measurable change in the dependent variable.
Variable definitions and level of measurement fot the chosen paper