An insurance company covers 100$ per day for up to three days staying in a hospital, and 50$ per day for any day after the first three days if any. The number of days the patients used to stay in the hospital is a random variable with PMF: 6-k k = 1, 2, 3, 4, 5 Px(k) =: 15 %3D lo else the expected amount the company will pay is: Select one: а. 220 b. 230 С. 166.67 d. 233.33 е. 200
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.
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