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 $115 million. Use a significance level of α=0.05. Budget ($)in Millions 42 23 116 71 70 48 123 66 5 57 122 21 10 146 9 Gross ($) in Millions 109 20 95 70 115 111 106 105 47 103 210 32 23 296 46 The regression equation is y=nothing+nothingx. (Round to one decimal place as needed.) The best predicted gross for a movie with a
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
|
Budget ($)in Millions
|
42
|
23
|
116
|
71
|
70
|
48
|
123
|
66
|
5
|
57
|
122
|
21
|
10
|
146
|
9
|
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Gross ($)
in Millions
|
109
|
20
|
95
|
70
|
115
|
111
|
106
|
105
|
47
|
103
|
210
|
32
|
23
|
296
|
46
|
|
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