Based on data collected at a store where tomatoes aresold by the pound, the association between the numberof tomatoes purchased and the total cost (in dollars)appeared to be linear. The output below shows theregression analysis. Dependent variable is CostR@squared = 92.4%Variable CoefficientIntercept 0.03Tomatoes 0.47a) Predict the cost of 12 tomatoes.b) Interpret the value of R2 in this context.c) Interpret the meaning of the slope in this context.d) Is there any meaningful interpretation of they-intercept in this context?
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.
sold by the pound, the association between the number
of tomatoes purchased and the total cost (in dollars)
appeared to be linear. The output below shows the
regression analysis.
R@squared = 92.4%
Variable Coefficient
Intercept 0.03
Tomatoes 0.47
a) Predict the cost of 12 tomatoes.
b) Interpret the value of R2
c) Interpret the meaning of the slope in this context.
d) Is there any meaningful interpretation of the
y-intercept in this context?
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