Interpret the following:
(a) Y = a + BX; Y = 3.5 + .7X, where Y = likelihood of buying a new car and X = total family income.
(b) Y = a + BX; Y = 3.5 - .4X, where Y = likelihood of buying tickets to a rock concert and X = age.
The solution provides step by step method for the calculation of regression model . Formula for the calculation and Interpretations of the results are also included.