Research on consumer attitudes and behaviours are usually conducted by consumer research companies. One of such companies is approached by a client who requested to conduct a study and 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 as shown in Table 2. Income Table 2 Amount Household (1000s) Size Charged () 54 3 4,016 30 2 3,159 32 4 5,100 50 5 4,742 31 2 1,864 55 2 4,070 37 1 2,731 40 2 3,348 66 4 4,764 51 3 4,110 25 3 4,208 48 4 4,219 27 1 2,477 33 2 2,514 65 3 4,214 63 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 67 25 3,605 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 54 23 27 14362 4,183 3,730 4,127 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 Produce your own spreadsheet models and present answers for the following. (i) 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 credit card charges? [9] (ii) Develop an estimated regression equation with annual income and household size as the independent variables. [7] (iii) What is the predicted annual credit card charge for a three-person household with an annual income of 40,000? [2]