Ypsilanti Market Research conducted a survey to find out whether people who earn
ID: 1133092 • Letter: Y
Question
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 car that they purchased 50 45 40 2 35 30 25 20 15 2 10 0 10 20 3450 60 70 80 90 100 INCOME (Thousands of dollars per year) The variable shown on the horizontal axis is The units for the variable on the vertical axis are There are two ways to view the information presented on the graph. First, the graph tells us the amount a person with a certain income is likely to spend on a car, and second, it tells us the probable income of a person who spent a certain amount on a car. For example, if an individual earned $50,000 last year and purchased a new car, you would expect that person to have paid aboutfor the car. Similarly, if someone just paid $20,000 for a car, you could use this graph to estimate that this person's income was probably aroundExplanation / Answer
We see 2 axes here X and Y axis. X axis is horixzntal ine whereas Y axis is verticle one
The variable on X axis is Income and The variable on Y axis in Price
Unts of both the variables is USD( dollars)
Ans 3)
If person Income is $50000 then price of the car is $17,500 and if Price of the Car is $20,000 then Income is $60000
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