Personal Spending and Personal Income

question 88

Essay

Personal Spending and Personal Income
Is personal spending linearly related to orders for durable goods and personal income? A recent study reported the amounts of personal spending (in trillions of dollars), amount spent on durable goods (in billions of dollars), and personal income (in trillions of dollars). A statistical package was used to fit a linear regression model, producing the output below. R² = 95.9% R²(adj) = 95.0%, s = 0.0144 with 12 - 3 = 9 df.
-Refer to Personal Spending and Personal Income. Based on your confidence intervals in above, does personal income have any predictive power beyond that provided by the other independent variables for determining personal spending? Explain.

---

Definitions:

Consciousness

Awareness and the ability to ponder upon one's personal existence, senses, mindset, surroundings, and life episodes.

Visual Perception Track

The cognitive pathway responsible for processing visual information and recognizing patterns and objects.

Visual Action Track

A concept in cognitive neuroscience referring to the brain's processing pathway for visually guiding movements and understanding actions.

Inattentional Blindness

A psychological lack of attention that is not associated with any vision defects or deficits, where an individual fails to perceive an unexpected stimulus in plain sight.