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1. Use methods of descriptive statistics to summarize the data (e.g., mean, median, minimum, maximum, and standard deviation of each variable and correlation coefficients among the variables). Comment on the findings. 2. Develop estimated regression equation using annual income as the independent variable. Discuss your findings. 3. Develop estimated regression equation using household size as the independent variable. Discuss your findings.

1. Use methods of descriptive statistics to summarize the data (e.g., mean, median, minimum, maximum, and standard deviation of each variable and correlation coefficients among the variables). Comment on the findings. 2. Develop estimated regression equation using annual income as the independent variable. Discuss your findings. 3. Develop estimated regression equation using household size as the independent variable. Discuss your findings.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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1 2 3 4 5 6 7 8 9 _0 1 2 3 _4 5 6 _7 8 9 20 21 22 23 24 25 26 27 28 29 30 31 52 53 4 35 36 37 38 39 10 11 12 13 14 15 16 47 18 19 50 51 52 53 54 A Income ($1000s) 54 30 32 50 31 55 37 40 66 51 25 48 27 33 65 63 42 21 44 37 62 21 55 42 41 54 30 48 34 67 50 67 55 52 62 64 22 29 39 35 39 54 23 27 26 61 30 22 46 66 B Household Size 3 2 4 5 2 2 1 2 4 3 3 4 1 2 3 4 6 2 1 5 6 3 7 2 7 6 1 2 5 4 2 5 6 2 3 2 3 4 2 1 4 3 6 2 7 2 AUANN 2 4 5 4 с Amount Charged ($) 4,016 3,159 5,100 4,742 1,864 4,070 2,731 3,348 4,764 4,110 4,208 4,219 2,477 2,514 4,214 4,965 4,412 2,448 2,995 4,171 5,678 3,623 5,301 3,020 4,828 5,573 2,583 3,866 3,586 5,037 3,605 5,345 5,370 3,890 4,705 4,157 3,579 3,890 2,972 3,121 4,183 3,730 4,127 2,921 4,603 4,273 3,067 3,074 4,820 5,149 D E F G H I J K
Transcribed Image Text:1 2 3 4 5 6 7 8 9 _0 1 2 3 _4 5 6 _7 8 9 20 21 22 23 24 25 26 27 28 29 30 31 52 53 4 35 36 37 38 39 10 11 12 13 14 15 16 47 18 19 50 51 52 53 54 A Income ($1000s) 54 30 32 50 31 55 37 40 66 51 25 48 27 33 65 63 42 21 44 37 62 21 55 42 41 54 30 48 34 67 50 67 55 52 62 64 22 29 39 35 39 54 23 27 26 61 30 22 46 66 B Household Size 3 2 4 5 2 2 1 2 4 3 3 4 1 2 3 4 6 2 1 5 6 3 7 2 7 6 1 2 5 4 2 5 6 2 3 2 3 4 2 1 4 3 6 2 7 2 AUANN 2 4 5 4 с Amount Charged ($) 4,016 3,159 5,100 4,742 1,864 4,070 2,731 3,348 4,764 4,110 4,208 4,219 2,477 2,514 4,214 4,965 4,412 2,448 2,995 4,171 5,678 3,623 5,301 3,020 4,828 5,573 2,583 3,866 3,586 5,037 3,605 5,345 5,370 3,890 4,705 4,157 3,579 3,890 2,972 3,121 4,183 3,730 4,127 2,921 4,603 4,273 3,067 3,074 4,820 5,149 D E F G H I J K
Consumer Research, Inc., is an independent agency that conducts research on consumer attitudes and behaviors for a variety of firms. In one study, a client asked for an investigation of consumer characteristics that can be used to predict the amount charged by credit card users. Data were collected on annual income, household size, and annual credit card charges for a sample of 50 consumers. The data are contained in the file consumer.xlsx. The variables are: Income: Annual income of the consumer in 1000s of dollars. Household Size: The size of the household of the consumer. Amount Charged: The annual amount charged on the credit card by a consumer in dollars. Managerial Report: Prepare a managerial report with the following information - 1. Use methods of descriptive statistics to summarize the data (e.g., mean, median, minimum, maximum, and standard deviation of each variable and correlation coefficients among the variables). Comment on the findings. 2. Develop estimated regression equation using annual income as the independent variable. Discuss your findings. 3. Develop estimated regression equation using household size as the independent variable. Discuss your findings. 4. Develop an estimated regression equation using both annual income and household size as the independent variables. Discuss your findings. 5. Among the three estimated regression equations generated in questions 2, 3, and 4, which one is the best in predicting annual credit card charges? Explain and discuss your findings. 6. What is the predicted annual credit card charge for a three-person household with an annual income of $40,000?
Transcribed Image Text:Consumer Research, Inc., is an independent agency that conducts research on consumer attitudes and behaviors for a variety of firms. In one study, a client asked for an investigation of consumer characteristics that can be used to predict the amount charged by credit card users. Data were collected on annual income, household size, and annual credit card charges for a sample of 50 consumers. The data are contained in the file consumer.xlsx. The variables are: Income: Annual income of the consumer in 1000s of dollars. Household Size: The size of the household of the consumer. Amount Charged: The annual amount charged on the credit card by a consumer in dollars. Managerial Report: Prepare a managerial report with the following information - 1. Use methods of descriptive statistics to summarize the data (e.g., mean, median, minimum, maximum, and standard deviation of each variable and correlation coefficients among the variables). Comment on the findings. 2. Develop estimated regression equation using annual income as the independent variable. Discuss your findings. 3. Develop estimated regression equation using household size as the independent variable. Discuss your findings. 4. Develop an estimated regression equation using both annual income and household size as the independent variables. Discuss your findings. 5. Among the three estimated regression equations generated in questions 2, 3, and 4, which one is the best in predicting annual credit card charges? Explain and discuss your findings. 6. What is the predicted annual credit card charge for a three-person household with an annual income of $40,000?
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