What is the predicted annual credit card charge for a three-person household with an annual income of $40,000?

Consumer Research, Inc., is an independent agency that conducts research on consumer attitudes and behaviors for a variety of firms. In one study, a client asked for an investigation of consumer characteristics that can be used to predict the amount charged by credit card users. Data were collected on annual income, household size, and annual credit card charges for a sample of 50 consumers.1. Use methods of descriiptive statistics to summarize the data. Comment on the findings.2. Develop an estimated regression equation with annual income and household size as the independent variables. Discuss your findings.3. What is the predicted annual credit card charge for a three-person household with an annual income of $40,000?4. Discuss the need for other independent variables that could be added to the model. What additional variables might be helpful?