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:
Baptismal Cleansing
Refers to the symbolic act of washing away sin and purification in various religious traditions.
National Association
An organization operating on a national level that represents the interests of its members within a specific profession, industry, or interest area.
Advancement
The process of promoting or moving forward towards a more developed or improved state, often referring to careers, technology, or society.
Colored People
An outdated term historically used in the United States to refer to African Americans, now considered derogatory and replaced by more respectful terms.
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