Trips to England Vs Money Spent

Trips to England Vs Money Spent

The number of visitors to England yearly in comparison to the amount of money they spend as a group and the amount of money that they are predicted to spend

The amount of Money spent by tourists yearly is much less than the amount of money predicted will be spent in most cases.

Money Spend by the Average Tourist

y=167x+100


Predicted amount of Money to be Spent by the Average Tourist

y=175x

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Purpose

The purpose of knowing the difference between the amount of money that tourists actually spend in a country and the amount of money that it is predicted they spend is can be much greater or lower than what it actually is. When tourism profits are higher the amount the economy goes up. The problem is that if tourism profits are expected to go up and the government believes they will receive a lot of money they could make a financial decision that could be catastrophic if they don’t receive that money. This is why tourism revenue predictions should be accurate.

Formulas For Money Spent by Tourists

y=167x+100


  • y represents the total amount of money the average tourist spends
  • 167 is the slope of the line. This is the amount of money spent per tourist.
  • x represents the total number of tourists yearly. The variable x should not be converted to ones from millions. The number shown on the table should stay the same or else the calculations won’t work. If you want to change it from millions to ones the slope is 0.000167
  • 100 represents the starting point of the graph and is the approximate value of any tourist that visits even if they don’t spend any money within the city. It is also the y-intercept.


y=175x



  • y represents the total amount of money the average tourist spends
  • 175 is the slope of the line. This is the amount of money spent per tourist.
  • x represents the total number of tourists yearly. The variable x should not be converted to ones from millions. The number shown on the table should stay the same or else the calculations won’t work. If you want to change it from millions to ones the slope is 0.000175

Graph

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Graph Explained

The red line on the graph represents the amount of money that the average tourist spends in England. The blue line represents the predicted amount of money that the average tourist spends in England.


The red line is above the blue line until it reaches the point (12.5, 2188) where it becomes lower than the blue line. This line has a positive linear correlation and shows that as the number of tourist increases the amount of money received per a tourist increases as well.


The blue line is below the red line until it reaches the point (12.5, 2188) which is where it becomes above the red line. The blue line has a positive linear correlation and shows that as the number of tourists increases the amount of money received per a tourist increases as well.


The POI of point of intersection of this graph is (12.5, 2188) this is because it is the turning point of the graph where the lines switch places. Due to the fact that the blue line changed to be above the red line we know that it is steeper than the red line and the gap between these lines will increase if the graph was extended.

Results

The results of this experiment were that if the predication for the amount of money that will be received by a country from tourism or any other strand of the economy is off by quite a bit it can be devastating. For England and it’s predications were off and if they continued using this they would have assumed that the amount of revenue produced would be huge. We know this because this graph represented the amount of money spent per a tourist meaning that the total would have been even more off then what this graph shows.