Question

In: Statistics and Probability

Develop an estimated regression equation with annual income and household size as the independent variables. Discuss...

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

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