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:

Technological Advance

Improvements in technology that increase productivity and efficiency, often leading to economic growth and new product development.

Expectation

The belief or anticipation about the way future events will unfold, influencing decision-making and behavior in the present.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level at a given time.

Demand

The measure of goods or services that people are both inclined and financially prepared to purchase at differing prices over a given time span.