Use the following 4 variables - GENDER Gender of the survey respondent AGE Age of...

 

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Use the following 4 variables - GENDER →→Gender of the survey respondent • AGE Age of the survey respondent • INCOME →Annual income of the family • FACE →Amount that the company will pay in the event of the death of the named insured Answer following questions (show your work for every steps): 1. How gender, age and income (explanatory variables) are related to FACE (dependent variable) and each other. a. Use graphs/figures to show the relationships 2. Can gender, age and income help explain the FACE a. Run a multiple linear regression b. Find the estimated regression parameters c. Use R², Radj, MSE to show performance of explanatory variables d. Use T-test to show how important the explanatory variables are Use the following 4 variables - GENDER →→Gender of the survey respondent • AGE Age of the survey respondent • INCOME →Annual income of the family • FACE →Amount that the company will pay in the event of the death of the named insured Answer following questions (show your work for every steps): 1. How gender, age and income (explanatory variables) are related to FACE (dependent variable) and each other. a. Use graphs/figures to show the relationships 2. Can gender, age and income help explain the FACE a. Run a multiple linear regression b. Find the estimated regression parameters c. Use R², Radj, MSE to show performance of explanatory variables d. Use T-test to show how important the explanatory variables are

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