An electric utility wishes to examine the relationship between temperature and electricity use in its service region during the summer months. The bivariate data below give the maximum temperature (denoted by x, in degrees Fahrenheit) and the electricity use (denoted by y, in thousands of kilowatt hours) for a random sample of fifteen summer days. The data are shown in the Figure 1 scatter plot. The least-squares regression line for these data has a slope of approximately 2.67. Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below. (If necessary, consult a list of formulas.) What is the value of the y-intercept of the least-squares regression line for these data? Round your answer to at least two decimal places. What is the value of the sample correlation coefficient for these data? Round your answer to at least three decimal places.
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 electric utility wishes to examine the relationship between temperature and electricity use in its service region during the summer months. The bivariate data below give the maximum temperature (denoted by x, in degrees Fahrenheit) and the electricity use (denoted by y, in thousands of kilowatt hours) for a random sample of fifteen summer days. The data are shown in the Figure 1
The least-squares regression line for these data has a slope of approximately 2.67.
Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below. (If necessary, consult a list of formulas.)
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