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Consume Research Inc

In:

Submitted By laurenventi
Words 1644
Pages 7
"Income
($1000s)" "Household
Size" "Amount
Charged ($)" 62 3 2,921 64 2 4,603 22 3 4,273 29 4 3,067 39 2 3,074 35 1 2,921 39 4 4,603 54 3 4,273 23 6 3,067 27 2 3,074 26 7 4,820 61 2 5,149 30 2 2,477 22 4 2,514 46 5 4,214 66 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
∑ 2112 180 197,717
N 50 50 50
Mean 42.24 3.6 3,954
Mode 22 2 2921
Median 40 3 4,009
Max. 67 7 5,678
Min. 21 1 2,448
Range 46 6 3,230
St. Deviation 15.29 1.81 920.90
Skewness 0.18 0.44 0.09

While most people earn $22, 000, the average income of the sample population is $42, 240
The household data is skewed due to the fact that 2 persons compose the majority of households.
The data points are spread out over a wider range of values as indicated by the high standard deviation of $15, 290. The household incomes range from anywere between $21, 000 to $67, 000 while the size of each household ranges from 7 to 1. The amount charged data seems to be normally distributed. Simple linear regression: Amount Charged vs. Annual Income = 2388.83 + 37.06 Xi Where: Yi = estimated, or predicted, Y value for Amount Charged in $ Xi = value of the independent variable,

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