Movie companies need to predict the gross receipts of an individual movie once the movie has debuted. The data in the accompanying table are the first weekend gross, the regional gross, and the worldwide gross (in $millions) of six movies. a. Compute the coefficient of correlation between first weekend gross and the regional gross, first weekend gross and the worldwide gross, and the regional gross and worldwide gross.
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.
Movie companies need to predict the gross receipts of an individual movie once the movie has debuted. The data in the accompanying table are the first weekend gross, the regional gross, and the worldwide gross (in $millions) of six movies.
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