5) A study was made by a retail merchant to determine the relation between weekly advertising expenditures and sales.: Advertising Costs, x ($) Sales, y ($) 390 40 20 400 25 395 20 370 30 475 50 450 40 490 20 420 a) Find the equation of the regression line to predict weekly sales from advertising expenditures. b) Estimate the weekly sales when advertising costs are $40. c) construct a 95% confidence interval for Bo; d) construct a 95% confidence interval for B1;
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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