Scenario: The sample data was gathered from 30 households chosen randomly from US Department of Labor’s 2016 Consumer Expenditure Surveys. The information provided in the survey were both socioeconomic and expenditure va
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Scenario: The sample data was gathered from 30 households chosen randomly from US Department of Labor’s 2016 Consumer Expenditure Surveys. The information provided in the survey were both socioeconomic and expenditure variables that were provided by each householdVariable 1: “Income” – It’s very important to know the family income before making any financial plan. All expenditures can be planned once the income is known. Being a quantitative variable, it’s easy to perform statistical analysis on this variable. 2. Variable 2: -Electricity: We can say expenditure on electricity as a sub variable of the expenditure which is very important expenditure that we have to consider. Being a quantitative variable, it is easy to calculate statistical analysis on this variable. 3. Variable 3: - Family Size: It’s very important to know the number of members in the family before making any financial plan. All expenditures can be planned once the size of family is known. Being a quantitative variable, it’s easy to perform statistical analysis on this variable. 4. Variable 4: - Annual Expenditure: It’s very important to know the total amount of annual expenditure before making any financial plan. All expenditures can be planned once it is known. Being a quantitative variable, it’s easy to perform statistical analysis on this variable 1. Variable 5: - Martial Status : Marital status of a person adds an extra expenditure to his original expenditure. So, we can take it as a categorical variable and analyze and conclude how
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