Question

How much does household weekly income affect the household weekly expenditure on food? | ||||||||

The following data shows household weekly expenditure on food and the household weekly income (all in dollars). |

Use the data below to develop an estimated regression equation that could be used to predict food expenditure for a weekly income. |

Use Excel commands for your calculations. |

FOOD | INCOME |

y | x |

91 | 292 |

148 | 479 |

107 | 428 |

146 | 766 |

243 | 1621 |

312 | 1661 |

243 | 1292 |

272 | 1683 |

349 | 1808 |

223 | 1147 |

205 | 1648 |

182 | 1351 |

414 | 1919 |

291 | 2046 |

212 | 1577 |

298 | 1805 |

374 | 2031 |

141 | 1618 |

205 | 1999 |

387 | 1953 |

426 | 2114 |

136 | 1606 |

273 | 1833 |

400 | 2166 |

192 | 2124 |

23 |
The fraction of variations in weekly expenditure on food explained by weekly income is, |
||||

a |
0.6019 |
||||

b |
0.5234 |
||||

c |
0.4606 |
||||

d |
0.4053 |
||||

24 |
The weekly food expenditure and income figures above are data from a sample of 25 households selected from the population of all households to compute b₁ as an estimate of the population slope parameter β₁. The sample statistic b₁ is the estimator of the population parameter β₁. The standard error of the sample statistic b₁ is, |
||||

a |
0.0455 |
||||

b |
0.0380 |
||||

c |
0.0316 |
||||

d |
0.0264 |
||||

Answer #1

How much does household weekly income affect the household weekly
expenditure on food?
The following data
shows household weekly expenditure on food and the household weekly
income (all in dollars).
Use the data below to develop an estimated regression equation
that could be used to predict food expenditure for a weekly
income.
Use Excel commands for your calculations.
FOOD
INCOME
y
x
91
292
148
479
107
428
146
766
243
1621
312
1661
243
1292
272
1683
349
1808...

You are building
a regression equation which relates household weekly expenditure on
FOOD to the household's weekly INCOME.
x =
Weekly
INCOME (hundreds of dollars)
y =
Weekly
expenditure on FOOD (dollars)
From the
data for 25 households the following quantities are
calculated.
n =
25
∑(ŷ − y̅)² =
112,287.77
x̅ =
20.776
∑(y − y̅)² =
292,245.84
y̅ =
301.920
∑xy =
166,105.00
∑x² =
11,559.28
5
On average, observed food expenditures deviate from the predicted
values by...

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