Question:

Interpret the following:

(a) \[\hat{\Upsilon }=\hat{a}+\hat{\beta }\Chi ;\hat{\Upsilon }=3.5+.7\Chi ,\] where \[\hat{\Upsilon }\] = the likelihood of buying a new car

and \[\Chi \] = total family income.

(b) ) \[\hat{\Upsilon }=\hat{a}+\hat{\beta }\Chi ;\hat{\Upsilon }=3.5-.4\Chi ,\] where \[\hat{\Upsilon }\] = the likelihood of buying tickets to a rock concert and \[\Chi \] = age.