Listed below are paired data consisting of movie budget amounts and the amounts that the movies grossed. Find the regression equation, letting the budget be the predictor (x) variable. Find the best predicted amount that a movie will gross if its budget is $105 million. Use a significance level of α=0.05. Budget ($)in Millions 45 19 116 73 74 51 124 63 7 58 123 18 5 145 4 Gross ($) in Millions 108 11 97 68 112 116 98 97 47 111 210 36 24 294 56 The regression equation is y=______+______x. (Round to one decimal place as needed.) The best predicted gross for a movie with a $105 million budget i
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
|
Budget ($)in Millions
|
45
|
19
|
116
|
73
|
74
|
51
|
124
|
63
|
7
|
58
|
123
|
18
|
5
|
145
|
4
|
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Gross ($)
in Millions
|
108
|
11
|
97
|
68
|
112
|
116
|
98
|
97
|
47
|
111
|
210
|
36
|
24
|
294
|
56
|
|
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