For this exercise, round all regression parameters to three decimal places. The table below shows the average cost C, in dollars, of chemistry and physics periodicals t years after 1980. t = years since 1980 C = cost in dollars 0 140 5 250 10 410 15 780 20 1300 22 1520 (a) Make an exponential model of C as a function of t. C = 141.894 × 1.116t C = 191.584 × 1.864t C = 95.486 × 0.987t C = 87.324 × 0.527t C = 121.987 × 1.054t (b) What was the yearly percentage growth rate of the cost of chemistry and physics periodicals? (Use the model found in part (a). Round your answer to one decimal place.) ? % (c) If this exponential trend continues, what will be the expected average cost of physics and chemistry periodicals in 2018? Round your answer to the nearest dollar. (Use the model found in part (a).) $ ?
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.
For this exercise, round all regression parameters to three decimal places.
The table below shows the average cost C, in dollars, of chemistry and physics periodicals t years after 1980.
|
t = years since 1980
|
C = cost in dollars
|
|---|---|
| 0 | 140 |
| 5 | 250 |
| 10 | 410 |
| 15 | 780 |
| 20 | 1300 |
| 22 | 1520 |
(b) What was the yearly percentage growth rate of the cost of chemistry and physics periodicals? (Use the model found in part (a). Round your answer to one decimal place.)
? %
(c) If this exponential trend continues, what will be the expected average cost of physics and chemistry periodicals in 2018? Round your answer to the nearest dollar. (Use the model found in part (a).)
$ ?
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