Limit your answers to data and variables. The Bank of New England is a large financial institution serving the New England states as well as New York and New Jersey. The mortgage department of the bank wants to study factors that affect family income testing the following hypotheses. Discuss what data/variables need to be collected to test the following hypotheses. There is no need to analyze the relationships or discuss why the relationships exist. Limit your answers to data and variables.
a. Higher education is correlated with higher family income
b. The higher the value of the home being purchased, the higher the family income
c. The age of the head of the household can be related to family income