In: Statistics and Probability
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 and is shown below:
Income |
Household |
Amount |
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 |
you can see the summary and parameter values of model in the first image of excel where first summary output is for model one where income was independent then second one where number of households was independent then the combined model.
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