A. Find the linear model that best fits this data using regression and enter the model below (for entry round the slope value to nearest 0.01 and constant parameter to nearest 1) T(p) = Now answer these two questions: B. What does the model predict will be the weekly demand if the price of an ipod touch is $231 ? (nearest 100) C. According to the model at what should the price be set in order to have a weekly demand of 180,100 ipod Touches? $ (nearest $1)
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.
![**Educational Content on iPod Touch Pricing and Demand**
The iPod Touch has been on the market for several years, and significant data has been collected regarding its pricing and demand. Below is a table illustrating the relationship between the *Price of an iPod Touch* and its *Weekly Demand*:
| Price \(P\) ($) | Weekly Demand \(S\) (1,000s) |
|-----------------|-----------------------------|
| 150 | 212 |
| 170 | 207 |
| 190 | 193 |
| 210 | 186 |
| 230 | 176 |
| 250 | 174 |
**Instructions:**
**A.** Use regression analysis to determine the linear model that best fits this data. Round the slope value to the nearest 0.01 and the constant parameter to the nearest 1.
\[ T(p) = \underline{\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ } \]
**B.** Based on your model, predict the weekly demand if the price of an iPod Touch is $231.
*Round your answer to the nearest 100.*
**C.** According to the model, determine the price necessary to achieve a weekly demand of 180,100 iPod Touches.
*Round your answer to the nearest $1.*](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05d3adb9-7fe4-4d5a-99c8-26255e44b92b%2Fda05accf-7d26-4347-a75c-8a8ab2c2c62f%2Fazbezo_processed.jpeg&w=3840&q=75)
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