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. Prepare a managerial report that summarizes findings of an investigation of consumer characteristics that can be used to predict the amount charged by credit card users including annual income, household size, and annual credit card. Consider the complete data set. Income ($1,000s) Household Size Amount Charged ($) 54 3 4,006 30 2 3,169 32 4 5,090 50 5 4,732 31 2 1,854 55 2 4,080 37 1 2,721 40 2 3,358 66 4 4,754 51 3 4,120 25 3 4,198 48 4 4,209 27 1 2,487 33 2 2,524 65 3 4,224 63 4 4,975 42 6 4,422 21 2 2,438 44 1 2,985 37 5 4,161 62 6 5,688 21 3 3,613 55 7 5,291 42 2 3,010 41 7 4,838 54 6 5,563 30 1 2,573 48 2 3,856 34 5 3,596 67 4 5,027 50 2 3,595 67 5 5,335 55 6 5,360 52 2 3,880 62 3 4,715 64 2 4,147 22 3 3,569 29 4 3,900 39 2 2,962 35 1 3,131 39 4 4,193 54 3 3,740 23 6 4,137 27 2 2,911 26 7 4,593 61 2 4,263 30 2 3,077 22 4 3,084 46 5 4,830 66 4 5,159 Compute the mean and standard deviation for the income ($1000s), household size, and amount charged ($). (Round your answers to two decimal places.) Mean Standard Deviation Income ($1000s) Household Size Amount Charged ($) Develop an estimated regression equation using annual income ($1000s) as the independent variable and annual credit card charges as the dependent variable. (Round your numerical values to the nearest integer.) ŷ = Compute R2. (Round your answer to three decimal places.) R2 = Develop an estimated regression equation using household size as the independent variable and annual credit card charges as the dependent variable. (Round your numerical values to the nearest integer.) ŷ = Compute R2. (Round your answer to three decimal places.) R2 = Develop an estimated regression equation with annual income and household size as the independent variables. (Let x1 represent the annual income ($1,000s), x2 represent the household size, and y represent the annual credit card charges. Round your numerical values to the nearest integer.) ŷ = Compute Ra2. (Round your answer to three decimal places.) Ra2 =
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. Prepare a managerial report that summarizes findings of an investigation of consumer characteristics that can be used to predict the amount charged by credit card users including annual income, household size, and annual credit card. Consider the complete data set. Income ($1,000s) Household Size Amount Charged ($) 54 3 4,006 30 2 3,169 32 4 5,090 50 5 4,732 31 2 1,854 55 2 4,080 37 1 2,721 40 2 3,358 66 4 4,754 51 3 4,120 25 3 4,198 48 4 4,209 27 1 2,487 33 2 2,524 65 3 4,224 63 4 4,975 42 6 4,422 21 2 2,438 44 1 2,985 37 5 4,161 62 6 5,688 21 3 3,613 55 7 5,291 42 2 3,010 41 7 4,838 54 6 5,563 30 1 2,573 48 2 3,856 34 5 3,596 67 4 5,027 50 2 3,595 67 5 5,335 55 6 5,360 52 2 3,880 62 3 4,715 64 2 4,147 22 3 3,569 29 4 3,900 39 2 2,962 35 1 3,131 39 4 4,193 54 3 3,740 23 6 4,137 27 2 2,911 26 7 4,593 61 2 4,263 30 2 3,077 22 4 3,084 46 5 4,830 66 4 5,159 Compute the mean and standard deviation for the income ($1000s), household size, and amount charged ($). (Round your answers to two decimal places.) Mean Standard Deviation Income ($1000s) Household Size Amount Charged ($) Develop an estimated regression equation using annual income ($1000s) as the independent variable and annual credit card charges as the dependent variable. (Round your numerical values to the nearest integer.) ŷ = Compute R2. (Round your answer to three decimal places.) R2 = Develop an estimated regression equation using household size as the independent variable and annual credit card charges as the dependent variable. (Round your numerical values to the nearest integer.) ŷ = Compute R2. (Round your answer to three decimal places.) R2 = Develop an estimated regression equation with annual income and household size as the independent variables. (Let x1 represent the annual income ($1,000s), x2 represent the household size, and y represent the annual credit card charges. Round your numerical values to the nearest integer.) ŷ = Compute Ra2. (Round your answer to three decimal places.) Ra2 =
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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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.
Prepare a managerial report that summarizes findings of an investigation of consumer characteristics that can be used to predict the amount charged by credit card users including annual income, household size, and annual credit card.
Consider the complete data set.
Income ($1,000s) |
Household Size |
Amount Charged ($) |
---|---|---|
54 | 3 | 4,006 |
30 | 2 | 3,169 |
32 | 4 | 5,090 |
50 | 5 | 4,732 |
31 | 2 | 1,854 |
55 | 2 | 4,080 |
37 | 1 | 2,721 |
40 | 2 | 3,358 |
66 | 4 | 4,754 |
51 | 3 | 4,120 |
25 | 3 | 4,198 |
48 | 4 | 4,209 |
27 | 1 | 2,487 |
33 | 2 | 2,524 |
65 | 3 | 4,224 |
63 | 4 | 4,975 |
42 | 6 | 4,422 |
21 | 2 | 2,438 |
44 | 1 | 2,985 |
37 | 5 | 4,161 |
62 | 6 | 5,688 |
21 | 3 | 3,613 |
55 | 7 | 5,291 |
42 | 2 | 3,010 |
41 | 7 | 4,838 |
54 | 6 | 5,563 |
30 | 1 | 2,573 |
48 | 2 | 3,856 |
34 | 5 | 3,596 |
67 | 4 | 5,027 |
50 | 2 | 3,595 |
67 | 5 | 5,335 |
55 | 6 | 5,360 |
52 | 2 | 3,880 |
62 | 3 | 4,715 |
64 | 2 | 4,147 |
22 | 3 | 3,569 |
29 | 4 | 3,900 |
39 | 2 | 2,962 |
35 | 1 | 3,131 |
39 | 4 | 4,193 |
54 | 3 | 3,740 |
23 | 6 | 4,137 |
27 | 2 | 2,911 |
26 | 7 | 4,593 |
61 | 2 | 4,263 |
30 | 2 | 3,077 |
22 | 4 | 3,084 |
46 | 5 | 4,830 |
66 | 4 | 5,159 |
Compute the mean and standard deviation for the income ($1000s), household size, and amount charged ($). (Round your answers to two decimal places.)
Mean | Standard Deviation | |
---|---|---|
Income ($1000s) | ||
Household Size | ||
Amount Charged ($) |
Develop an estimated regression equation using annual income ($1000s) as the independent variable and annual credit card charges as the dependent variable. (Round your numerical values to the nearest integer.)
ŷ =
Compute R2. (Round your answer to three decimal places.)
R2 =
Develop an estimated regression equation using household size as the independent variable and annual credit card charges as the dependent variable. (Round your numerical values to the nearest integer.)
ŷ =
Compute R2. (Round your answer to three decimal places.)
R2 =
Develop an estimated regression equation with annual income and household size as the independent variables. (Let x1 represent the annual income ($1,000s), x2 represent the household size, and y represent the annual credit card charges. Round your numerical values to the nearest integer.)
ŷ =
Compute
Ra2.
(Round your answer to three decimal places.)Ra2 =
Plot the standardized residuals against the predicted annual credit charges. Discuss your findings from this analysis. (Consider a proportion large if it is at least 0.55.)
Since
range of −2 and +2. Thus, we reason to conclude that the error term is normally distributed.
Ra2
is , the estimated regression equation a good fit. The plot of the standardized residuals shows residuals outside the Use the estimated regression equation to predict the annual credit card charges (in $) for a three-person household with an annual income of $40,000. (Round your answer to the nearest dollar.)
$
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VIEWStep 2: Find the mean and standard deviation for the income ($1000s), household size, and amount charged:
VIEWStep 3: Develop the estimated regression equation using annual income as the IV & amt charged as DV:
VIEWStep 4: Develop the estimated regression equation using household size as the IV & amt charged as DV
VIEWStep 5: Develop the estimated regression equation using the two independent variables:
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