Statistics concerns itself with the relationship between various factors. The reason being, there exists a cause and effect relationship between different occurrences which remain unidentified. Thus, the study hopes to reveal the relationship between households’ composition and their expenditure. It will use a representative sample of 30 households surveyed and their information stored in the bureau of labor statistics website. It uses various analysis tools to illustrate the households’ characteristics. Eventually, it offers a conclusion based on the study findings.
Description of the Dataset
The information used in this study comprises of 30 households. The data resulted from a 2016 consumer Expenditure survey which used scientific methods to select its sample. The dataset has four social-economic variables. They are marital status, the age of head of household, family size and earnings. The marriage status helps to indicate additional income for the family. The income was of great importance since it shows the well-being of the family. It also comprises four expenditure variables. The parameters are total annual expenditure, housing, electricity, and water. They parameters were present in the sample since they have an association with the household characteristics. The expenses were all in US dollars to facilitate in the analysis.
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