HI6007 Statistics and Research Methods-The Estimated Regression in Aus
- Use methods of descriptive statistics to summarize the data. Comment on the findings.
- Develop estimated regression equations, first using annual income as the in- dependent 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. 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
The data set for group assignment you can find on Blackboard in the folder assignment.
Required: For each correlation discuss the results:
-
- Are they are positive/negatively correlated
- Are they weak or strong correlations
- What is the significance value
- What does the significance value reveal about the data we have used
- Copy –paste the result from your Excel file to a Word document.
- Copy-paste ALL the output from all the activities requested in Activity 01 to 03 in Excel and put the answers in the same Word document.
- Answer all discussion questions requested in Activity 01 to 03 and put the answers in the same Word document.
- Submit a soft copy of the Excel files used in Excel and the Assignment Word document online under Assignment final submission.
Answer:
| Income ($1000s) | Household Size | Amount Charged ($) |
| 54 | 3 | 4016 |
| 30 | 2 | 3159 |
| 32 | 4 | 5100 |
| 50 | 5 | 4742 |
| 31 | 2 | 1864 |
| 55 | 2 | 4070 |
| 37 | 1 | 2731 |
| 40 | 2 | 3348 |
| 66 | 4 | 4764 |
| 51 | 3 | 4110 |
| 25 | 3 | 4208 |
| 48 | 4 | 4219 |
| 27 | 1 | 2477 |
| 33 | 2 | 2514 |
| 65 | 3 | 4214 |
| 63 | 4 | 4965 |
| 42 | 6 | 4412 |
| 21 | 2 | 2448 |
| 44 | 1 | 2995 |
| 37 | 5 | 4171 |
| 62 | 6 | 5678 |
| 21 | 3 | 3623 |
| 55 | 7 | 5301 |
| 42 | 2 | 3020 |
| 41 | 7 | 4828 |
| 54 | 6 | 5573 |
| 30 | 1 | 2583 |
| 48 | 2 | 3866 |
| 34 | 5 | 3586 |
| 67 | 4 | 5037 |
| 50 | 2 | 3605 |
| 67 | 5 | 5345 |
| 55 | 6 | 5370 |
| 52 | 2 | 3890 |
| 62 | 3 | 4705 |
| 64 | 2 | 4157 |
| 22 | 3 | 3579 |
| 29 | 4 | 3890 |
| 39 | 2 | 2972 |
| 35 | 1 | 3121 |
| 39 | 4 | 4183 |
| 54 | 3 | 3720 |
| 23 | 6 | 4127 |
| 27 | 2 | 2921 |
| 26 | 7 | 4603 |
| 61 | 2 | 4273 |
| 30 | 2 | 3067 |
| 22 | 4 | 3074 |
| 46 | 5 | 4820 |
| 66 | 4 | 5149 |
| Florida | New York | North Carolina |
| 3 | 8 | 10 |
| 7 | 11 | 7 |
| 7 | 9 | 3 |
| 3 | 7 | 5 |
| 8 | 8 | 11 |
| 8 | 7 | 8 |
| 8 | 8 | 4 |
| 5 | 4 | 3 |
| 5 | 13 | 7 |
| 2 | 10 | 8 |
| 6 | 6 | 8 |
| 2 | 8 | 7 |
| 6 | 12 | 3 |
| 6 | 8 | 9 |
| 9 | 6 | 8 |
| 7 | 8 | 12 |
| 5 | 5 | 6 |
| 4 | 7 | 3 |
| 7 | 7 | 8 |
| 3 | 8 | 11 |
| 21.00 | 14.00 | 31.00 |
| 20.00 | 13.00 | 32.00 |
| 10.00 | 10.00 | 43.00 |
| 19.00 | 13.00 | 30.00 |
| 18.00 | 16.00 | 27.00 |
| 22.00 | 14.00 | 22.00 |
| 18.00 | 12.00 | 23.00 |
| 17.00 | 13.00 | 39.00 |
| 21.00 | 12.00 | 28.00 |
| 20.00 | 12.00 | 11.00 |
| 19.00 | 13.00 | 28.00 |
| 20.00 | 12.00 | 20.00 |
| 17.00 | 11.00 | 21.00 |
| 20.00 | 12.00 | 8.00 |
| 20.00 | 14.00 | 27.00 |
| 8.00 | 7.00 | 25.00 |
| 22.00 | 14.00 | 17.00 |
| 22.00 | 14.00 | 16.00 |
| 20.00 | 14.00 | 33.00 |
| 20.00 | 14.00 | 25.00 |
| 20.00 | 14.00 | 42.00 |
| 18.00 | 14.00 | 13.00 |
| 20.00 | 12.00 | 32.00 |
| 18.00 | 14.00 | 24.00 |
| 21.00 | 13.00 | 30.00 |
| 18.00 | 13.00 | 18.00 |
| 18.00 | 13.00 | 16.00 |
| 19.00 | 13.00 | 25.00 |
| 17.00 | 11.00 | 23.00 |
| 20.00 | 14.00 | 4.00 |
| 21.00 | 13.00 | 25.00 |
| 18.00 | 13.00 | 40.00 |
| 20.00 | 14.00 | 35.00 |
| 19.00 | 13.00 | 4.00 |
| 20.00 | 12.00 | 37.00 |
| 19.00 | 12.00 | 25.00 |
| 19.00 | 13.00 | 20.00 |
| 20.00 | 12.00 | 39.00 |
| 18.00 | 13.00 | 26.00 |
| 19.00 | 13.00 | 24.00 |
| 19.00 | 13.00 | 40.00 |
| 21.00 | 14.00 | 25.00 |
| 21.00 | 14.00 | 25.00 |
| 22.00 | 14.00 | 20.00 |
| 21.00 | 11.00 | 10.00 |
| 19.00 | 13.00 | 32.00 |
| 10.00 | 13.00 | 28.00 |
| 18.00 | 13.00 | 25.00 |
| 8.00 | 7.00 | 10.00 |
| 17.00 | 14.00 | 34.00 |
| 20.00 | 13.00 | 38.00 |
| 18.00 | 16.00 | 42.00 |
| 10.00 | 13.00 | 24.00 |
| 20.00 | 13.00 | 23.00 |
| 21.00 | 12.00 | 26.00 |
| 18.00 | 12.00 | 33.00 |
| 10.00 | 10.00 | 23.00 |
| 17.00 | 11.00 | 26.00 |
| 18.00 | 13.00 | 17.00 |
| 10.00 | 5.00 | 30.00 |
| 4.00 | 4.00 | 23.00 |
| 18.00 | 14.00 | 24.00 |
| 20.00 | 14.00 | 26.00 |
| 20.00 | 14.00 | 35.00 |
| 15.00 | 14.00 | 25.00 |
| 18.00 | 14.00 | 32.00 |
| 14.00 | 12.00 | 26.00 |
| 17.00 | 11.00 | 25.00 |
| 18.00 | 12.00 | 15.00 |
| 18.00 | 12.00 | 24.00 |
| 18.00 | 12.00 | 32.00 |
| 20.00 | 14.00 | 25.00 |
| 20.00 | 14.00 | 29.00 |
| 20.00 | 14.00 | 39.00 |
| 13.00 | 14.00 | 25.00 |
| 12.00 | 11.00 | 25.00 |
| 14.00 | 12.00 | 15.00 |
| 20.00 | 12.00 | 26.00 |
| 19.00 | 8.00 | 16.00 |
| 19.00 | 8.00 | 18.00 |
| 19.00 | 10.00 | 30.00 |
| 19.00 | 12.00 | 15.00 |
| 15.00 | 12.00 | 37.00 |
| 14.00 | 12.00 | 24.00 |
| 14.00 | 12.00 | 26.00 |
| 20.00 | 8.00 | 22.00 |
| 20.00 | 12.00 | 32.00 |
| 18.00 | 14.00 | 24.00 |
| 19.00 | 12.00 | 25.00 |
| 20.00 | 13.00 | 32.00 |
| 20.00 | 13.00 | 28.00 |
| 17.00 | 13.00 | 25.00 |
| 15.00 | 14.00 | 25.00 |
| 19.00 | 13.00 | 42.00 |
| 18.00 | 12.00 | 40.00 |
| 13.00 | 14.00 | 25.00 |
| 18.00 | 13.00 | 26.00 |
| 17.00 | 11.00 | 25.00 |
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