In: Statistics and Probability
Use Excel to develop a regression model for the Consumer Food
Database (using the “Excel Databases.xls”...
Use Excel to develop a regression model for the Consumer Food
Database (using the “Excel Databases.xls”
file) to predict Annual Food Spending by Annual Household
Income. Assume a 5% level of significance.
(file here:
https://drive.google.com/file/d/13uDUXwoSRZHEUtjMUedu2yjR_4lrLepC/view?usp=sharing
)
Must complete all the parts to this
problem:
- PART 1: Perform a simple linear regression in
Excel to predict Annual Food Spending by Annual Household Income
and output the results. Include the Regression Statistics, ANOVA,
and table of Coefficients for each model.
- PART 2: Suppose a households annual income is
$60,000. Predict how much they spend on food per year. Write the
model and show the work to get the answer.
- PART 3: Now, develop a regression model to
predict Annual Food Spending by Annual Household Income for those
living in the Metro area only and output the results. Include the
Regression Statistics, ANOVA, and table of Coefficients for each
model.
- PART 4: Suppose a households annual income for
those living in the metro area only is $60,000. Predict how much
they spend on food per year. Write the model and show the work to
get the answer.