MODEL 2-include the variable hous ehold size to explain credit card amount a. (2

Question

MODEL 2-include the variable hous ehold size to explain credit card amount a. (2p0Comment on the goodness of fit for Model 2. Model 2-Model Summary Adjusted R Sd Eror o Model R R Square Square the Esimate 826 .8181 398001 Prodcon (Constant, Income, Householie b. (2p) Report the statistical significance of the model.de Creartimount c (1pt) Write down the estimated regression equation for Model 2 Model 2-Coefficients Coeffoents Mode 304 905 197 655 HouseholsSz 356 296 33.201 3.968 602 13 64 10 732024 16 8350 056 3.1333

Explanation / Answer

a)

Here, we can see that r^2 is 0.826 which means 82.6% of the variation in dependent variable is explained for by the independent variable.

b)

Model does not seem to be statistically significant because the significance level is greater than a=0.05

c)

Credit Card Amount=1304.905+356.296(HouseHold Size)+33.133(Income)

d)

Even excluding the other factors credit card amount that would be sanctioned would be 1304.905

e)

CC amount would go up by 356.296 when there is an increase of 1 in household size. CC amount would go up by 33.133 when there is an increase of 1 in income.

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