A rich sports car owner wants to develop a regression equation that determines mileage as a function of the age of a car in years. He collects the data shown below for the 12 cars he has on his lot. Age Mileage 7 52654 4 49300 13 113671 7 63001 7 69850 7 68048 12 106979 8 82719 7 80894 10 109258 14 149804 8 98915 a) What is the slope of the regression equation? Give your answer to two decimal places. i got 9157.61 correct b) What is the value of the correlation coefficient? Give your answer to two decimal places. i got 0.92 correct c) A 4 year old car is delivered to his lot with 160000 miles. Manually enter these values in the data table above and rerun the regression analysis. What is the value of the slope? i got 10203.66 but that was wrong d) Including the additional car, what is the value of the correlation coefficient? i got 0.924 but that was wrong.
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 rich sports car owner wants to develop a regression equation that determines mileage as a
| Age | Mileage |
| 7 | 52654 |
| 4 | 49300 |
| 13 | 113671 |
| 7 | 63001 |
| 7 | 69850 |
| 7 | 68048 |
| 12 | 106979 |
| 8 | 82719 |
| 7 | 80894 |
| 10 | 109258 |
| 14 | 149804 |
| 8 | 98915 |
a) What is the slope of the regression equation? Give your answer to two decimal places. i got 9157.61 correct
b) What is the value of the
c) A 4 year old car is delivered to his lot with 160000 miles. Manually enter these values in the data table above and rerun the
d) Including the additional car, what is the value of the correlation coefficient? i got 0.924 but that was wrong.
only c and d need to be answered.
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