III. A study compared the number of solar panels on residence buildings compared to their average monthly electricity bills for 10 homes. The results of the survey are below: # of Panels Bill ($) |1 $150 $210 | S200 | $150 | $165 $95 | 3 6 8 $90 $95 $45 12 $20 a) Determine the correlation coefficient, r, for this data. Does r indicate a strong or weak correlation? b) Find the equation of the best-fit-line (the linear regression model), with X representing the number of Panels, andY representing the monthly bill. c) Using your equation, estimate the number of panels on a home for a home with an average monthly bill of $80.
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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