The dataset contains a total of 5 variables. These variables include; Annual Food Spending, Annual Household Income, Non-mortgage household debt, Region and Location. These variables have different levels of measurement. The Annual Food spending, Annual Household Income and Non-mortgage household debt all contain quantitative data and have ratio level of measurement. Region and location on the other hand are variables that contain qualitative data and have a nominal level of measurement.
Each variable with qualitative data has a mean and a median. The mean refers to the total of all the data in the variable divided by the number of all the data in the variable while the median refers to the midpoint of the data if the data is arranged in ascending order. The Region variable has a mean of and a median of . The mean is indicative of the average of the location data variables provided and the median shows the middle value of the data in the location variable if they were to be arranged in ascending order. The location variable on the other hand has a mean of 1 and a median of 1. The mean shows the average of all the data locations fronted while the median shows the middle point of the location categories if the data was arranged in ascending order.
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For the variables with quantitative data, they all have different ranges and standard deviation. Range is essentially the difference between the largest values in the variable and smallest value. The standard deviation on the other hand, is an indication of how much the data variables differ from the mean of each individual variable. The Annual Food spending’s range is and it has a standard deviation of . The range shows that the difference that exists between the maximum and the minimum amount of money that is spent annually on food. The standard deviation shows how much the different data variables in the annual food spending category differs from the mean of the variable. The Annual household income has a range of and a standard deviation of . The range shows that the difference between the highest annual income for a household and the lowest annual income which is while the extent of the variation of the individual household incomes and the mean is the standard deviation at . The Non-mortgage household debt has a range of and a standard deviation of
. The range shows the difference between the highest debt exclusive of mortgage and the lowest while the standard deviation refers to how much the individual data variables differ from the mean of the Non-mortgage household debt.
