100%(277)276 out of 277 people found this document helpful
This preview shows page 2 - 3 out of 4 pages.
Reason(s) for Selecting the Variables and Expected Outcome(s):1.Variable 1: “Income” – This variable is automatically chosen because the budget is based off of the household income. 2.Variable 2: “MaritalStatus“ – I have chosen marital status because being married typical means that the family is living off of two incomes. 3.Variable 3: “FamilySize “ - I chose this variable because I would like to know the correlation between increased family size with the potential of higher housing and food costs. 4.Variable 4: “Housing“ - This variable is important to the budget because it is of the largest expenses.5.Variable 5: “Food“ - This variable was chosen because I believe that this will be the determining factor in my scenario. Data Set Description: The data is a random sample from the US Department of Labor’s 2016 Consumer Expenditure Surveys (CE) and provides information about the composition of households and their annual expenditures.Proposed Data Analysis: Using my chosen variables, I plan to use graphs and charts containing the data to look at the correlation between what I think will be the increase of housing and food expenses in married (assuming larger) families, versus the less expensive single (assuming smaller) families. Measures of Central Tendency and DispersionComplete Table 2. Numerical Summaries of the Selected Variablesand brieflyexplain why you choose those measurements. Note: The information for the required variable, “Income,” has already been completed and can be used as a guide for completing information on the remaining variables.