The following model was fitted to a sample of 30 families in order to explain household milk consumption:
yi = b0 + b1x1i + b2x2i + ei
where
yi = milk consumption, in quarts per week
x1i = weekly income, in hundreds of dollars
x2i = family size
The least squares estimates of the regression parameters were as follows:
b0 = -0.025 b1 = 0.052 b2 = 1.14
a. Interpret the estimates b1 and b2.
b. Is it possible to provide a meaningful interpretation of the estimate b0?