A manufacturing company makes two types of water​ skis, a trick ski and a slalom ski. The relevant manufacturing data are given in the table.   ​Labor-Hours per Ski Maximum​ Labor-Hours Department Trick Ski Slalom Ski Available per Day Fabricating 9 6 243 Finishing 1 1 36 Answer parts​ (A), (B), and​ (C) below. ​(A) If the profit on a trick ski is $30and the profit on a slalom ski is $50​, how many of each type of ski should be manufactured each day to realize a maximum​ profit? What is the maximum​ profit? The maximum profit is ​$11. The maximum occurs when 11 trick skis and 11 slalom skis are produced.   ​(B) Discuss the effect on the production schedule and the maximum profit if the profit on a slalom ski decreases to ​$40. The maximum profit decreases to decreases to remains the same at increases to ​$11. The maximum occurs when 11 trick skis and 11 slalom skis are produced.   ​(C) Discuss the effect on the production schedule and the maximum profit if the profit on a slalom ski increases to ​$60.   The maximum profit increases to increases to remains the same at decreases to ​$11. The maximum occurs when 11 trick skis and 11 slalom skis are produced

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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.