In: Statistics and Probability
Develop an estimated regression equation with annual income and household size as the independent variables. Discuss your findings -
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 |