Household
the Following Data Was Collected by a Particular Company

question 52

Essay

Household
The following data was collected by a particular company to determine if a relationship exists between the number of people in a household and weekly food expenditures.
$$\begin{array} { | c | c | c } \hline \text { Househald } & \text { Number in Hausehald } & \text { Weakly Fadd Expenses } \\\hline 1 & 2 & \$ 95 \\\hline 2 & 3 & \$ 137 \\\hline 3 & 5 & \$ 165 \\\hline 4 & 2 & \$ 105 \\\hline 5 & 4 & \$ 227 \\\hline 6 & 4 & \$ 240 \\\hline 7 & 5 & \$ 185 \\\hline\end{array}$$
-Calculate the coefficient of determination and interpret the results.

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Definitions:

Net Sales

The total revenue from goods or services sold less returns, allowances, and discounts.

Book Value

The value of an asset according to its balance sheet account balance, taking into account the cost of the asset minus any depreciation.

Fair Value

An estimate of the market value of an asset, based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller in the market.

Commercial Substance

A concept in accounting indicating that a transaction has caused a change in the financial position of the parties involved.