A manufacturer produces both a deluxe and a standard model of an automatic sander designed for home use. Selling prices obtair from a sample of retail outlets follow. Model Price ($) Model Price ($) Retail Outlet Deluxe Standard Retail Outlet Deluxe Standard 1 41 27 5 40 30 2 39 30 39 34 44 35 35 29 4 38 30 a. The manufacturer's suggested retail prices for the two models show a $10 price differential. Use a .05 level of significance and that the mean difference between the prices of the two models is $10. Develop the null and alternative hypotheses. Ho = µ d Select Soloct
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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