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1) By using regression analysis, test whether personal income affects consumptio

ID: 2702800 • Letter: 1

Question

1) By using regression analysis, test whether personal income affects consumption at the significance level of 5%.

2) In the light of the answer to Q2, will consumption increase if personal income increases?


The Office for National Statistics has collected the following yearly data on consumption and personal income (in thousands pounds) in England:

Consumption

1637

1993

1743

1734

1984

1948

1946

4639

5647

5859

6849

8586

6372

2849

Personal Income

1637

4959

1988

3920

1939

3939

1010

1030

1936

1839

8382

1939

1939

1040

Explanation / Answer

Regression Analysis:

y = 1.086679943

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