Quinn’s Video shop has provided you with cross-sectional expenditures data from thirty randomly

Quinn’s Video shop has provided you with cross-sectional expenditures data from thirty randomly selected customers (data attached in separate file). He would like to know what impact DVD price has on the monthly expenditures for DVD’s. As control variables, Quinn’s data also includes income the individual earned in the month the data was collected, and the amount that it rained in the month the data was collected. Provide Quinn with a regression analysis that best answers his question. You must justify why this is the best possible regression. Explain in words the impact of price on expenditures according to your model.
Using the regression output from, estimate the average expenditure by an individual. Calculate the price and income elasticities. Is the demand for Quinn’s DVDs, based on expenditures, elastic or inelastic?

Quinn’s Video shop has provided you with cross-sectional expenditures data from thirty randomly

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