2) The following table gives the level of production of a large company in terms of x, the number of cars they produce monthly. Y1 gives the total cost of producing such cars (in millions of dollars). Find the number of cars they should be producing monthly so that their cost per car is as small as possible. Hint: Use a quadratic regression (not a cubic) for the formula for y in this data set. y 200 20 400 28.2 600 38 800 52 Find a formula for y as in the homework using quadratic regression. Then write the formula for y2, the unit cost. The write a formula for y3, the derivative of y2. Then, find the minimum of y2 by seeing where y3 = 0. Y1 Y2 Y3
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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