Business analytics

ByPlatinum Essays

The consumption function captures one of the key relationships in economics. It expresses consumption as a function of disposal income, where disposal income is income after taxes. The attached file “Regression Dataset” shows data of average US annual consumption (in $) and disposable income (in $) for the years 2000 to 2016. 

1. Find the sample linear regression equation for the model 

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2. In this model, the slope coefficient is called the marginal propensity to consume. Interpret its meaning 

3. What is the predicted consumption if disposal income is $33,000? 

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