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.