Practice

Monthly Expenses

Imagine you are working with a dataset that contains information about the monthly expenses of a group of individuals. Here's a simplified version of the dataset:

Person:       [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]
Expenses ($): [450, 600, 350, 700, 550, 480, 320, 410, 580, 520]
Income ($):   [3000, 4000, 2500, 4200, 3500, 3200, 2000, 2800, 3800, 3300]
  1. Calculate the mean, median, and mode of the monthly expenses.
  2. Calculate the range, variance, and standard deviation of the monthly expenses.
  3. Compute the correlation coefficient between expenses and income.
  4. Interpret the correlation coefficient value. What does it suggest about the relationship between expenses and income?
  5. Create a scatter plot to visualize the relationship between expenses and income. Label the axes appropriately.
  6. Based on the scatter plot and correlation coefficient, describe the strength and direction of the relationship between expenses and income.

Submission

You are required to submit documentation for practice exercises over the course of the term. Each one will count for 1/10 of your practice grade, or 2% of your overall grade.

  • Practice exercises will be graded for completion not perfect correctness.
  • You have to document that you did the work, but we won't be checking if you got it right.
  • You MUST upload your analysis/visuals as a single file to Practice - EDA on Gradescope after the exercise to get the grade for this exercise.

Your log will count for credit as long as:

  • It is accessible to your instructor, and
  • It shows your own work.