If the slope of the fitted regression line is -0.91, then describe the relationship between two variables: Demand in number of units (y) and price in dollars (x). (Provide one or two sentences and use the variable names properly in the answer).

If the slope of the fitted regression line is -0.91, then describe the relationship between two variables: Demand in number of units (y) and price in dollars (x). (Provide one or two sentences and use the variable names properly in the answer).

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

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.

Question

### Understanding the Relationship Between Variables

#### Problem Statement:
If the slope of the fitted regression line is -0.91, then describe the relationship between two variables: **Demand in number of units (y)** and **price in dollars (x)**.

*Provide one or two sentences and use the variable names properly in the answer*.

[Text Input Box]

#### Analysis:
The text provided instructs the student to describe the relationship between two variables: Demand in number of units (y) and price in dollars (x), given that the slope of the fitted regression line is -0.91. The student should note that the negative slope indicates an inverse relationship between the two variables.

#### Example Answer:
The relationship between price in dollars (x) and demand in number of units (y) is inverse, meaning that as the price in dollars (x) increases, the demand in number of units (y) decreases, at a rate of -0.91 units per dollar.

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