A manufacturer of widgets has developed the following table showing the monthly profit P, in dollars, at a monthly production level of N widgets. Numer N Profit P 200 700 250 1225 300 1700 350 2125 400 2500 a)Judging on the basis of the table, should the profit P be modeled by a linear function or by a quadratic function on N? b) Find the appropriate regression model for P. (Round your coefficients to two decimal places.) P(N)=
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 manufacturer of widgets has developed the following table showing the monthly profit P, in dollars, at a monthly production level of N widgets.
Numer N Profit P
200 700
250 1225
300 1700
350 2125
400 2500
a)Judging on the basis of the table, should the profit P be modeled by a linear function or by a quadratic function on N?
b) Find the appropriate regression model for P. (Round your coefficients to two decimal places.)
P(N)=
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