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?

Question

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?

Quizplus · Accepted Answer

The Answer of 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?

The Data Shown Below Are the Average Personal Income and Personal