THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 304

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A researcher is interested in examining how the net wealth of individuals changes over the course of their lifetimes.She has collected the following data regarding the age X,in years,and net worth Y,measured in thousands of dollars,of 12 individuals in the form of (x,y)pairs: (24,153),(34,201),(38,297),(83,139),(77,167),(32,123),(71,247),(49,263),(54,352),(35,321),(65,453),and (30,54).
-Prepare a scatter plot of this data.

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Definitions:

Categorical Data

Labels or names used to identify categories of like items.

Goodness of Fit

A statistical analysis that measures how well observed data match the values expected by a model.

Independence Test

A statistical procedure used to determine whether two or more variables are independent of each other within a population.

Frequencies of Repairs

Frequencies of Repairs refer to the number of times repairs have been made within a specific period, indicating the maintenance needs or reliability of an item.