The Following Table Shows the Annual Incomes (In Thousands of Dollars)

question 29

Essay

The following table shows the annual incomes (in thousands of dollars) and weekly rent payments (dollars) of a sample of 10 individuals in country Victoria: $$\begin{array} { | l | l | l | l | l | l | l | l | l | l | l | } \hline \text { Income } & 45 & 51 & 40 & 44 & 48 & 35 & 51 & 55 & 49 & 47 \\\hline \text { Rent } & 230 & 280 & 190 & 220 & 270 & 200 & 300 & 310 & 260 & 250 \\\hline\end{array}$$ a. Draw a scatter diagram for these data with rent payment on the vertical axis.
b. Describe the relationship between rent payment and income.

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Definitions:

Property Taxes

Taxes assessed on real estate by the local government, based on the property's value.

Taxable Income

The amount of income on which the income tax is determined.

Standard Deduction

A set amount that reduces the income subject to tax, which taxpayers can claim on their tax return, as an alternative to itemizing deductions.

Exemption

A deduction allowed by law to reduce the amount of income that would otherwise be taxed.