Consumer Research, Inc. 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. The following data were collected on annual income, household size, and annual credit card charges for a sample of 50 consumers. Managerial Report Use methods of descriptive statistics to summarize the 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 Discuss your findings. What is the predicted annual credit card charge for a three-person household with an annual income of $40,000? Discuss the need for other independent variables that could be added to the model. What additional variables might be helpful? Income Household Amount($1000s) Size5430325031553740665125482733Income Household($1000s) Size65634232452212433412214437622155424134621563727Charged ($)40163159510047421864407027313348476441104208421924772514AmountCharged ($)42144965441224482995417156783623530130204828Income Household Amount($1000s) Size5430483467506755526264222939Income Household($1000s) Size35395423272661254256232342613022466614362722454Charged ($)55732583386635865037360553455370389047054157357938902972AmountCharged ($)31214183373041272921460342733067307448205149

Answered: Consumer Research, Inc. Consumer…

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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Consumer Research, Inc.

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. The following data were collected on annual income, household size, and annual credit card charges for a sample of 50 consumers.

Managerial Report

Use methods of descriptive statistics to summarize the 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.