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?