QUESTION 1

The dataset fortune, in faraway R package, contains information on 232 the world's billionaires

those published on Fortune magazine in year 1992. These are wealth in billion dollars, age in

years, and geographic location (Asia, Europe, Middle East, United States, and Other). Note the

following notation in the dataset: a factor with levels A, Asia, E, Europe, M, Middle East, O Other, U USA.

(a) Plot the wealth as a function of age using a different plotting symbol for the different region of the world.

(b) Plot the wealth as a function of age with a separate panel for each region and discuss the results.

(c) Determine a transformation on the response (i.e. wealth) to facilitate linear modeling.

(d) What is the relationship of age and region to wealth? Hint: fit a model that describes the relationship and run statistical tests.

(e) Check the assumptions of your model using appropriate diagnostics.

Present or attach the R codes used to answer the above questions and the output