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Discuss the six approaches to explaining consumption behaviours. (Include graphs and
equations where necessary)
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- Please show how to do b) and c). Quantity beef consumed is the dependent variable. Each of the others are the independent variablesThe demand for goods and services is essentially influenced by several things, state and explain and make the relationship between variables statistically between independent variables and dependent variables!Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the home that they purchased. PRICE (Thousands of dollars per home) 500 450 400 350 300 250 200 150 100 50 L 0 10 20 30 40 50 60 70 80 INCOME (Thousands of dollars per year) 90 100
- The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2750 5 14 296600 2696 5 11 294400 2523 4 7 281400 2057 4 7 240600 1797 4 5 208600 1767 4 5 196400 1684 4 4 171900 1554 3 4 162800 1521 3 3 144900 Copy Data Step 2 of 2: Determine if a statistically significant linear relationship exists between the independent and dependent variables at the 0.01 level of significance. If the relationship is statistically significant, identify the multiple regression equation that best fits the data, rounding the answers to three decimal places. Otherwise,…The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2756 4 14 310300 2721 4 12 291500 2666 4 8 281100 2102 4 7 265600 1880 3 7 237500 1829 3 6 184600 1599 3 4 160800 1422 3 3 132600 1199 3 3 130500 Step 1 of 2: Find the p-value for the regression equation that fits the given data. Round your answer to four decimal places. Copy DataAnswer question 5 please. Thank you.
