Ok. For question 3. A family has an annual gross income of $100,000. Assuming there are 52 weeks in the year, what is their weekly food expenditure?
Do I just plug these numbers into the formula?
Ok. For question 3. A family has an annual gross income of $100,000. Assuming there are 52 weeks in the year, what is their weekly food expenditure?
Do I just plug these numbers into the formula?
Would this be right? Y=83.4160+10.2096(52)
For question #3 Would this be right Y=83.4160+10.2096(52)= 614.3152
For question #4 Would this be right $100,000/52 weeks = 1923.0770. Then take 614.3152/1923.0770 to get .3194 or 32% for the answer
Sorry I didn't see page 2 of this thread earlier.
Use your equation (Y=a+bX). Very important that you keep mind of what the variables mean. This will get your answer easily:
X is weekly income in 100s.
The family has an annual income of 100,000 (=1000 in scale of 100s). Assume 52 weeks per annum.
Do that and you'll find Y, the weekly expenditure.
Yes.......
For #4 would I take 1000 and divide it by the answer of #3?
From #3, you know how much a family (weekly income = 1,923) spends on food.
That is an absolute value.
For #4, you just need to change that into a relative value: (food expenditure / weekly income) x 100%
$279.75(weekly food expenditure)/1,923(weekly income) X 100%= 14.56%
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