Construct an estimated regression line between temperature and number of units sold. Does the model in part (a) confirm that contribution of temperature to number of units of air conditioner sold? Test using a = 0.05. Find the coefficient of correlation. What does the value imply about the relationship of the two variables? a) b) %3D c) d) If the temperature soared to 120 Fahrenheit, can you predict the number of units of air conditioner sold? Explain
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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