A department store has conducted a survey to learn the buying intentions of a sample of 62 department store customers. The survey asked each customer their household gross income (in thousands of $â€™s), the number of people living in the house hold, and the number of shopping trips they take per year. The regression results follow (with t-statistics in parentheses):TRIP=0.5 + 0.1 INCOME + 2.0 FAMILY(1.6) (2.5) (1.5)R2=.85 F-Stat=120.4 n=62Should you include both INCOME and FAMILY in the model, why? If an individual makes $30,000 a year and 4 people live in the household how many trips does your model estimate they will take?
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