123456789_0123_456_789202122232425262728293031525343536373839101112131415164718195051525354AIncome($1000s)5430325031553740665125482733656342214437622155424154304834675067555262642229393539542327266130224666BHouseholdSize3245221243341234621563727612542562323421436272AUANN2454сAmountCharged ($)4,0163,1595,1004,7421,8644,0702,7313,3484,7644,1104,2084,2192,4772,5144,2144,9654,4122,4482,9954,1715,6783,6235,3013,0204,8285,5732,5833,8663,5865,0373,6055,3455,3703,8904,7054,1573,5793,8902,9723,1214,1833,7304,1272,9214,6034,2733,0673,0744,8205,149DEFGHIJK Consumer Research, Inc., is an independent agency that conducts research on consumer attitudesand behaviors for a variety of firms. In one study, a client asked for an investigation of consumercharacteristics that can be used to predict the amount charged by credit card users. Data werecollected on annual income, household size, and annual credit card charges for a sample of 50consumers. The data are contained in the file consumer.xlsx. The variables are:Income: Annual income of the consumer in 1000s of dollars.Household Size: The size of the household of the consumer.Amount Charged: The annual amount charged on the credit card by a consumer in dollars.Managerial Report:Prepare a managerial report with the following information -1. Use methods of descriptive statistics to summarize the data (e.g., mean, median, minimum,maximum, and standard deviation of each variable and correlation coefficients among thevariables). Comment on the findings.2. Develop estimated regression equation using annual income as the independent variable.Discuss your findings.3. Develop estimated regression equation using household size as the independent variable.Discuss your findings.4. Develop an estimated regression equation using both annual income and household size as theindependent variables. Discuss your findings.5. Among the three estimated regression equations generated in questions 2, 3, and 4, which oneis the best in predicting annual credit card charges? Explain and discuss your findings.6. What is the predicted annual credit card charge for a three-person household with an annualincome of $40,000?

Question

Accepted Answer

Hi! Thank you for the question. As per the honor code, we are allowed to answer three sub-parts at a…