An amusement park owner wants to create a linear regression model to predict the number of ice cream cones sold (Y-variable) based on the day's attendance (X-variable). From his collected data he finds the mean number of ice cream cone sales to be 1,200 cones with a standard deviation of 180. The mean daily attendance is 2,000 people, with a standard deviation of 200. The correlation between ice cream cone sales and attendance is r = 0.65. What is the intercept of the linear regression model predicting ice cream cone sales from daily attendance? 200 80 130 30
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.
An amusement park owner wants to create a linear regression model to predict the number of ice cream cones sold (Y-variable) based on the day's attendance (X-variable). From his collected data he finds the mean number of ice cream cone sales to be 1,200 cones with a standard deviation of 180. The mean daily attendance is 2,000 people, with a standard deviation of 200. The
What is the intercept of the linear regression model predicting ice cream cone sales from daily attendance?
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