Analyze the data in the CreditCard dataset in AER package

Part 1                         (100 points)

Analyze the data in the CreditCard dataset in AER package. (Note that you have to install AER package and any other additional package that are required by AER)

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The following variables are included in the dataset:

1. card: was the application for a card accepted? (Binary: 1/0) Response Variable

2. reports: Number of major derogatory reports

3. income: Yearly income (in USD 10,000)

4. Age: Age in years plus 12ths of a year

5. Owner: Does the individual own his/her home?

6. dependents: number of dependents

7. months: Months living at current address

8. share: ratio of monthly credit card expenditure to yearly income

9. selfemp: Is the individual self-employed?

10. majorcards: number of major credit cards held

11. active: number of active credit accounts

12. expenditure: average monthly credit card expenditure

Use variables 2 to 8 to determine which of the predictors influence the probability that an application is accepted. Online Quiz 3B will be based on your analysis below:

A.   Provide summary stat of the predictors.               (5 points)

B.    There are some values of variable age under one year. Consider data with age>18 for your analysis for the rest of the questions.      (5 points)

C.    Plot of income vs. reports (Number of major derogatory reports): mark individuals with card application accepted as blue, and not accepted as red.  (5 points)

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