18. Median Income The data in the table show the median incomes y (in thousands of dollars) for samples of householders of various ages z in the United States in 2017. (Adapted from U.S. Census Bureau) 20 30 40 50 60 70 40.1 62.3 78.4 80.7 68.6 41.1 a. Use the regression capabilities of a graphing utility to find a quadratic model for the data. b. Use a graphing utility to plot the data and graph the model. c. Use the model to approximate the median incomes for a sample of 27-year-old householders and a sample of 56-year-old householders.
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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