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 following data are contained in the file named Consumer. Use methods of descriptive statistics to summarize the data. Comment on the findings. Develop estimated regression equations, first using annual income as the independent variable and then using household size as the independent variable. Which variable is the better predictor of annual credit card charges? Discuss your findings. Develop an estimated regression equation with annual income and household size as the independent variables. Test the significance of the overall model at 95% confidence. Write your hypothesis. Test the significance of regression parameters at 95% confidence level. Comment on at least two of the regression assumptions for your multiple regression equation. Do you think there might be any violations of regression assumptions? What is the forecasted annual credit card charge for a three-person household with an annual income of $40,000? Create 95% prediction interval for your prediction. Income($1000s) HouseholdSize AmountCharged ($) 54 3 4,016 30 2 3,159 32 4 5,100 50 5 4,742 31 2 1,864 55 2 4,070 37 1 2,731 40 2 3,348 66 4 4,764 51 3 4,110 25 3 4,208 48 4 4,219 27 1 2,477 33 2 2,514 65 3 4,214 63 4 4,965 42 6 4,412 21 2 2,448 44 1 2,995 37 5 4,171 62 6 5,678 21 3 3,623 55 7 5,301 42 2 3,020 41 7 4,828 54 6 5,573 30 1 2,583 48 2 3,866 34 5 3,586 67 4 5,037 50 2 3,605 67 5 5,345 55 6 5,370 52 2 3,890 62 3 4,705 64 2 4,157 22 3 3,579 29 4 3,890 39 2 2,972 35 1 3,121 39 4 4,183 54 3 3,730 23 6 4,127 27 2 2,921 26 7 4,603 61 2 4,273 30 2 3,067 22 4 3,074 46 5 4,820 66 4 5,149

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 following data are contained in the file named Consumer. Use methods of descriptive statistics to summarize the data. Comment on the findings. Develop estimated regression equations, first using annual income as the independent variable and then using household size as the independent variable. Which variable is the better predictor of annual credit card charges? Discuss your findings. Develop an estimated regression equation with annual income and household size as the independent variables. Test the significance of the overall model at 95% confidence. Write your hypothesis. Test the significance of regression parameters at 95% confidence level. Comment on at least two of the regression assumptions for your multiple regression equation. Do you think there might be any violations of regression assumptions? What is the forecasted annual credit card charge for a three-person household with an annual income of $40,000? Create 95% prediction interval for your prediction. Income($1000s) HouseholdSize AmountCharged ($) 54 3 4,016 30 2 3,159 32 4 5,100 50 5 4,742 31 2 1,864 55 2 4,070 37 1 2,731 40 2 3,348 66 4 4,764 51 3 4,110 25 3 4,208 48 4 4,219 27 1 2,477 33 2 2,514 65 3 4,214 63 4 4,965 42 6 4,412 21 2 2,448 44 1 2,995 37 5 4,171 62 6 5,678 21 3 3,623 55 7 5,301 42 2 3,020 41 7 4,828 54 6 5,573 30 1 2,583 48 2 3,866 34 5 3,586 67 4 5,037 50 2 3,605 67 5 5,345 55 6 5,370 52 2 3,890 62 3 4,705 64 2 4,157 22 3 3,579 29 4 3,890 39 2 2,972 35 1 3,121 39 4 4,183 54 3 3,730 23 6 4,127 27 2 2,921 26 7 4,603 61 2 4,273 30 2 3,067 22 4 3,074 46 5 4,820 66 4 5,149

Name: Consumer Research, Inc., is an independent agency that conducts resear
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Description: 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

MATLAB: An Introduction with Applications

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ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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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 following data are contained in the file named Consumer.

Use methods of descriptive statistics to summarize the data. Comment on the findings.
Develop estimated regression equations, first using annual income as the independent variable and then using household size as the independent variable. Which variable is the better predictor of annual credit card charges? Discuss your findings.
Develop an estimated regression equation with annual income and household size as the independent variables. Test the significance of the overall model at 95% confidence. Write your hypothesis.
Test the significance of regression parameters at 95% confidence level.
Comment on at least two of the regression assumptions for your multiple regression equation. Do you think there might be any violations of regression assumptions?

What is the forecasted annual credit card charge for a three-person household with an annual income of $40,000? Create 95% prediction interval for your prediction.

Income ($1000s)	Household Size	Amount Charged ($)
54	3	4,016
30	2	3,159
32	4	5,100
50	5	4,742
31	2	1,864
55	2	4,070
37	1	2,731
40	2	3,348
66	4	4,764
51	3	4,110
25	3	4,208
48	4	4,219
27	1	2,477
33	2	2,514
65	3	4,214
63	4	4,965
42	6	4,412
21	2	2,448
44	1	2,995
37	5	4,171
62	6	5,678
21	3	3,623
55	7	5,301
42	2	3,020
41	7	4,828
54	6	5,573
30	1	2,583
48	2	3,866
34	5	3,586
67	4	5,037
50	2	3,605
67	5	5,345
55	6	5,370
52	2	3,890
62	3	4,705
64	2	4,157
22	3	3,579
29	4	3,890
39	2	2,972
35	1	3,121
39	4	4,183
54	3	3,730
23	6	4,127
27	2	2,921
26	7	4,603
61	2	4,273
30	2	3,067
22	4	3,074
46	5	4,820
66	4	5,149

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can you explain more in detail what you would input in excel for part 3. I keep getting an error message. Would the excel sheet look different if I don't include the 95% confidence interval

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