Hotel prices worldwide are projected to increase by 3% next year (Lodging Magazine website, June 15, 2016), but is there a difference between Europe and the U.S.? Suppose we have projected changes in hotel costs for 47 randomly selected major European cities and 53 randomly selected major U.S. cities. These data are provided in the DATAfile IntHotels. Use α= .01 What is the p-value? .What is your conclusion?
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.
Hotel prices worldwide are projected to increase by 3% next year (Lodging Magazine website, June 15, 2016), but is there a difference between Europe and the U.S.? Suppose we have projected changes in hotel costs for 47 randomly selected major European cities and 53 randomly selected major U.S. cities. These data are provided in the DATAfile IntHotels.
Use
α= .01
What is the p-value?
.What is your conclusion?
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