You want to identify hotels in a city that are good deals: underpriced for their location and quality. You have scraped the web for data on all hotels in the city, and you have cleaned the data. You have carried out exploratory data analysis that revealed that hotels closer to the city center tend to be more expensive, but there is a lot of variation in prices between hotels at the same distance. How should you identify hotels that are underpriced relative to their distance to the city center? In particular, how should you capture the average price–distance relationship that would provide you a benchmark, to which you can compare actual price to find good deals?
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