A property agent wants to study the relationship between the age of a house (X) and its selling price (Y). Listed below is a random sample of houses that the agent has sold recently. [House]   [Age in Years (X)]   [Selling Price in $'m (Y)]      1                    9                                 2.2      2                    7                                 1.9      3                   11                                1.7      4                   12                                0.8      5                    8                                 2.5 a) Determine the linear regression equation.  b) i. If the age of a house is 10 year-old, what is the selling price?  ii. If the age of a house is 20 year-old, what is the selling price?  c) i. Determine the correlation coefficient.  ii. Interpret the result.

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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.