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STA 200 ASS.III Q&A WRITE UP 2020.pdf

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I am head of a household, who is 56 years old and married. I have also a university degree in Accounting and one child. Altogether with my husband, our household income is $97,000 annually. Our annual ... food expense is $8,700. In this analysis, I have used the entertainment expenditure variable in order to determine whether the level of income impacts the number of entertainment expenditures. IThe income is the component that is required for basic necessity in order to survive for the entire family. The measure of central tendency is the median, the variable is quantitative. The measure of dispersion is the sample standard deviation, which has been chose for three reasons. One reason would be the data is a sample from a larger data set. Also, another reason would be that the sample standard deviation is the most commonly used measure of dispersion. Lastly, third reason would be that the income variable is quantitative. I have used histogram to show the normal distribution of data, because Histogram is one of the best plots to show the normal distribution of quantitative level data. Based on the histogram below, the graph is skewed to the right. In another words, it is positively skewed. In order to analyze the data, I have used many different kinds of calculators on the Social Science Statistics webpageBased on the results and calculations presented in this report, the highest expenditures are occurred in the food categories. The lowest expenditures are occurred in the entertainment categories. If I were to recommend a place to save money, it would be in the food categories, as it seems like spending $9,700 annually for a family of 3 household members is extremely high. It seems like we are wasting too much food enough to spend so much money on them. Another thing a person should learn is that the amount of entertainment expenditures does not necessarily have to be upgrade to higher level as the level of income in the household increase [Show More]

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