The Data Shown Below Are the Average Personal Income and Personal

question 44

Essay

The data shown below are the average personal income and personal consumption expenditures based on the survey conducted in the year 1995 to 2009 in U.S.
a. Develop a scatter chart for the above data. What does this chart indicate about the relationship between average personal income and personal consumption expenditure?
b. Develop an estimated regression equation showing how personal consumption expenditure is related personal income.
c. What proportion of variation in the sample values of proportion of personal consumption expenditure does this model explain?

---

Definitions:

Group Decision Making

It refers to the process by which a group of individuals come together to analyze problems, consider solutions, and agree upon a course of action.

Increased Member Commitment

A state where members of a group or organization show a higher level of dedication and loyalty towards achieving collective goals.

Stimulating Conversation

Engaging and thought-provoking dialogue that encourages participants to exchange ideas, innovate, or reconsider their perspectives.

Information Exchange

The process of sharing or transferring information between parties or systems.