A local mechanic keeps track of the number of customers each day, x, and the revenue for that day, y. He hired a data analyst to make a model for the data. The analyst gave him the table below that shows the number of customers and the predicted revenue. Suppose the mechanic had a day with 10 customers and a revenue of $1243. What is the residual? 620 6. 702 7 784 8. 866 9. 948 10 1030 11 1112 12 1194 13 1276 4:49 5/12/2
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.


Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images









