27. Below is some of the regression output from a regression of the price of a copier (expressed in $'s) based on the speed (pages per minute) and whether it copies in color or not (color=0 if it does NOT copy in color and =1 if it does copy in color) SUMMARY OUTPUT Regression Statistics Multiple R 0.919 R Square 0.845 Adjusted R Square 0.801 Standard Error 35.80 Observations 10 ANOVA df SS MS F Significance F Regression 2 48879.2 24439.6 19.1 0.0014 Residual 7 8969.7 1281.4 Total 9 57848.9 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 238.3 27.1 8.8 0.0 174.1 302.5 Speed 26.9 8.0 3.3 0.0 7.7 45.5 Color 56 28.8 2.0 0.1 -9.3 126.8 A copier manufacturer is trying to decide how much to charge for their new copier. Based on the regression output, if a printer can print 4.2 pages per minute and copies in color, what is the predicted price? (please express your answer using 2 decimal places)
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.
27. Below is some of the regression output from a regression of the price of a copier (expressed in $'s) based on the speed (pages per minute) and whether it copies in color or not (color=0 if it does NOT copy in color and =1 if it does copy in color)
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SUMMARY OUTPUT |
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Regression Statistics |
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Multiple R |
0.919 |
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R Square |
0.845 |
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Adjusted R Square |
0.801 |
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Standard Error |
35.80 |
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Observations |
10 |
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ANOVA |
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df |
SS |
MS |
F |
Significance F |
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Regression |
2 |
48879.2 |
24439.6 |
19.1 |
0.0014 |
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Residual |
7 |
8969.7 |
1281.4 |
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Total |
9 |
57848.9 |
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Coefficients |
Standard Error |
t Stat |
P-value |
Lower 95% |
Upper 95% |
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Intercept |
238.3 |
27.1 |
8.8 |
0.0 |
174.1 |
302.5 |
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Speed |
26.9 |
8.0 |
3.3 |
0.0 |
7.7 |
45.5 |
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Color |
56 |
28.8 |
2.0 |
0.1 |
-9.3 |
126.8 |
A copier manufacturer is trying to decide how much to charge for their new copier. Based on the regression output, if a printer can print 4.2 pages per minute and copies in color, what is the predicted price? (please express your answer using 2 decimal places)
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