A lot of data about the Ipod Touch has been collected since it came out. Below is a table of data that have been collected where p is the Price in S of an IPod Touch, and q is the Weekly Demand in thousands. p, Price in $ q, Weekly Demand in thousands 150 214 170 204 190 195 210 185 230 176 250 175 A.. Find the linear model that best fits this data using regression and enter the model below. Round the slope value to 2 decimal places and constant term to nearest 1. Og = - 0.41p + 274 Og = - 0.41p + 274 Og = 274p – 0.41 Og = - 0.41p + 274 O4 = - 0.41p + 274 B. What does the model predict will be the weekly demand if the price of an ipod touch is $178 ? (nearest 100) C. According to the model at what should the price be set in order to have a weekly demand of
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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