From this question I have to determine 1) what the independent and dependent variables are 2) state the estimated regression equation (in terms of the problem) using the given output. 3) what the interpretation for the slope of the regression line is 4) using the regression equation, predict the sales for a store with 3.4 million customers in it. Is this extrapolation or interpolation? 5) if I were to compute the 99% confidence interval for the slope of the regression line, what would the t critical value be? 6) the 99% confidence interval for the slope of the regression line in the above problem is? 7) assume that the number of customers increases by 2 million. What will be the range of values for the average increase in annual sales of the store? You may use the confidence interval from above to answer 8) is the corrrelation between number of customers and sales positive or negative? Why? 9) if the sales for a store with 2.2 million customers on it is 3.5 thousand dollars, what would the residual be?
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.
From this question I have to determine
1) what the independent and dependent variables are
2) state the estimated regression equation (in terms of the problem) using the given output.
3) what the interpretation for the slope of the regression line is
4) using the regression equation, predict the sales for a store with 3.4 million customers in it. Is this extrapolation or interpolation?
5) if I were to compute the 99% confidence interval for the slope of the regression line, what would the t critical value be?
6) the 99% confidence interval for the slope of the regression line in the above problem is?
7) assume that the number of customers increases by 2 million. What will be the
8) is the corrrelation between number of customers and sales positive or negative? Why?
9) if the sales for a store with 2.2 million customers on it is 3.5 thousand dollars, what would the residual be?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
