A grocery store manager did a study to look at the relationship between the amount of time (in minutes) customers spend in the store and the amount of money (in dollars) they spend. The results of the survey are shown below. Time 12 21 6 5 29 5 30 Money 58 61 18 36 92 8 87 The equation of the linear regression line is: ˆy = + x (Please show your answers to two 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.
A grocery store manager did a study to look at the relationship between the amount of time (in minutes) customers spend in the store and the amount of money (in dollars) they spend. The results of the survey are shown below.
| Time | 12 | 21 | 6 | 5 | 29 | 5 | 30 |
|---|---|---|---|---|---|---|---|
| Money | 58 | 61 | 18 | 36 | 92 | 8 | 87 |
- The equation of the linear regression line is:
ˆy = + x (Please show your answers to two decimal places) - Use the model to predict the amount of money spent by a customer who spends 19 minutes at the store.
Dollars spent = (Please round your answer to the nearest whole number.)
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