1) Use methods of descriptive statistics to summarize the date. Comment on the findings.

2) Develop estimated regression equations, first using annual income as the independent variable and then using household size as the independent variable. Which variable is the better predictor of annual cred 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 income charge with an annual income of $44,000

USE DATA BELOW - YOU CAN USE EXCEL

IMPORTANT: Make sure that you do "Testing for Significance" for ALL regression equations that you develop for this Case.

Income ($1000s)	Household Size	Amount Charged ($)
54	3	4,016
30	2	3,159
32	4	5,100
50	5	4,742
21	2	1,964
55	2	4,070
37	2	2,731
40	2	3,348
66	4	4,764
51	3	4,110
25	3	4,208
48	4	4,289
27	1	2,477
33	2	2,514
65	3	4,214
63	4	4,965
42	6	4,412
21	2	2,488
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	2	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	2	3,191
39	4	4,183
54	3	3,730
33	6	4,127
27	2	2,921
26	7	4,603
61	3	4,273
30	2	3,067
32	4	3,074
56	4	4,820
66	5	5,189