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HI6007 Statistics And Research Methods For Business Decisions

tag 0 Download 3 Pages / 570 Words tag 16-07-2021

Questions:

Consumer Research, Inc., is an independent agency that conducts research on consumer attitudes and behaviours 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. The following data are recorded for Consumer information.

Income ($1000s)

Household Size

Amount Charged ($)

Income ($1000s)

Household Size

Amount Charged ($)

54

3

4016

54

6

5573

30

2

3159

30

1

2583

32

4

5100

48

2

3866

50

5

4742

34

5

3586

31

2

1864

67

4

5037

55

2

4070

50

2

3605

37

1

2731

67

5

5345

40

2

3348

55

6

5370

66

4

4764

52

2

3890

51

3

4110

62

3

4705

25

3

4208

64

2

4157

48

4

4219

22

3

3579

27

1

2477

29

4

3890

33

2

2514

39

2

2972

65

3

4214

35

1

3121

63

4

4965

39

4

4183

42

6

4412

54

3

3720

21

2

2448

23

6

4127

44

1

2995

27

2

2921

37

5

4171

26

7

4603

62

6

5678

61

2

4273

21

3

3623

30

2

3067

55

7

5301

22

4

3074

42

2

3020

46

5

4820

41

7

4828

66

4

5149

Required:

  1. Use methods of descriptive statistics to summarize the data. Comment on the findings.
  2. 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.
  3. Develop an estimated regression equation with annual income and household size as the independent variables. Discuss your findings.
  4. What is the predicted annual credit card charge for a three-person household with an annual income of $40,000?
  5. Discuss the need for other independent variables that could be added to the model. What additional variables might be helpful?
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My Assignment Help. (2021). HI6007 Statistics And Research Methods For Business Decisions. Retrieved from https://myassignmenthelp.com/free-samples/hi6007-statistics-and-research-methods-for-business-decisions/consumer-inc-needs.html.

"HI6007 Statistics And Research Methods For Business Decisions." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/hi6007-statistics-and-research-methods-for-business-decisions/consumer-inc-needs.html.

My Assignment Help (2021) HI6007 Statistics And Research Methods For Business Decisions [Online]. Available from: https://myassignmenthelp.com/free-samples/hi6007-statistics-and-research-methods-for-business-decisions/consumer-inc-needs.html
[Accessed 30 January 2023].

My Assignment Help. 'HI6007 Statistics And Research Methods For Business Decisions' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/hi6007-statistics-and-research-methods-for-business-decisions/consumer-inc-needs.html> accessed 30 January 2023.

My Assignment Help. HI6007 Statistics And Research Methods For Business Decisions [Internet]. My Assignment Help. 2021 [cited 30 January 2023]. Available from: https://myassignmenthelp.com/free-samples/hi6007-statistics-and-research-methods-for-business-decisions/consumer-inc-needs.html.


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