08 Apr What is the relationship between weekly expenditures of video rentals and dining out?
Suppose you have collected the following sample data from twenty-six randomly selected Dallas area families regarding their Weekly Expenditures on Video Rentals and Weekly Expenditures on Dining Out:
|
Observation Number |
Weekly Expenditures |
|
|
|
Video Rentals |
Dining Out |
|
1 |
$12 |
$28 |
|
2 |
$12 |
$27 |
|
3 |
$6 |
$32 |
|
4 |
$13 |
$32 |
|
5 |
$7 |
$25 |
|
6 |
$10 |
$24 |
|
7 |
$8 |
$27 |
|
8 |
$4 |
$20 |
|
9 |
$4 |
$32 |
|
10 |
$13 |
$35 |
|
11 |
$5 |
$30 |
|
12 |
$9 |
$22 |
|
13 |
$12 |
$31 |
|
14 |
$9 |
$25 |
|
15 |
$12 |
$28 |
|
16 |
$4 |
$34 |
|
17 |
$14 |
$36 |
|
18 |
$10 |
$24 |
|
19 |
$5 |
$29 |
|
20 |
$18 |
$42 |
|
21 |
$15 |
$41 |
|
22 |
$6 |
$26 |
|
23 |
$6 |
$28 |
|
24 |
$4 |
$40 |
|
25 |
$11 |
$21 |
|
26 |
$9 |
$24 |
Explain your answers below in detail (use analytical tools such as correlation and regression when necessary)
Q1: What is the relationship between weekly expenditures of video rentals and dining out?
Q2: If you were to reach out to these households, what other data would you be interested in collecting in order to understand their consumption behavior?
Q3: What other types of products do you think these families would be interested in?
