I do not find anything missing in the question. Better leave it off. Thanks anyway. I had to be be done in Excel. there are many such answers in your business analytics. May be i have the wrong tutor. thanks.

A small business company investigated consumer characteristics to predict the amount charged by credit card users. The company collected annual income, household size, and annual credit card charges for a sample of 50 consumers. The collected data are displayed in the table below.

Your Tasks: (In Excel)

1. Use methods of descriptive statistics to summarize the dat Your summary should include variables average values, variables middle value, variables most common value, and variables lowest and highest values.
2. Develop estimated regression equations, first using annual income as the independent variable and then using household size as the independent variable. Which variable is the better predictor of annual credit card charges? Discuss your findings.
3. Develop an estimated regression equation with annual income and household size as the independent variables. Discuss your findings.
4. What is the predicted annual credit card charge for a five-person household with an annual income of $70,000?
5. Discuss the need for other independent variables that could be added to the model. What additional variables might be helpful?

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