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 $110 million. Use a significance level of α=0.05. Budget ($)in Millions 45 19 112 70 76 53 122 65 7 55 129 21 11 152 10 Gross ($) in Millions 124 8 101 65 123 107 109 103 48 112 204 28 19 282 41 LOADING... Click the icon to view the critical values of the Pearson correlation coefficient r. The regression equation is y=16.516.5+1.31.3x. (Round to one decimal place as needed.) The best predicted gross for a movie with a $110 million budget is ____million. (Round to one decimal place as needed.
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
|
Budget ($)in Millions
|
45
|
19
|
112
|
70
|
76
|
53
|
122
|
65
|
7
|
55
|
129
|
21
|
11
|
152
|
10
|
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Gross ($)
in Millions
|
124
|
8
|
101
|
65
|
123
|
107
|
109
|
103
|
48
|
112
|
204
|
28
|
19
|
282
|
41
|
|
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