Regression model for individual respondents

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Reference no: EM131009128

1. You are considering opening an Estonian cuisine restaurant and wonder how much people in your target community spend on eating out relative to their incomes. You commission a telephone survey and build the following regression model for individual respondents:

EatOut$>wk = 17.28 + 0.354 HHIncome where household income is in $1000's. Write an interpretation of this model.

2. For the model found in Exercise 1, predict how much a person with a household income of $75,000 would be ex- pected to spend eating out in a week.

Reference no: EM131009128

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