No-Shows Frequency 1 15 2 10 3 10 4 5 5 3 6 5
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.
Atlanta Airlines routinely overbooks its flight from At- lanta to Boston. Overbooking discounted seats can be expensive because providing a bumped passenger with a last-minute flight on a competing carrier can cost $450. A 120-passenger jet costs about $6000 to operate from Atlanta to Boston. The average ticket price is $300. a. Given the frequency of no-shows in the following table, how many seats should be overbooked? b. Atlanta Air offers special rates on its Atlanta/Boston route for the holidays. How would a $200 ticket price af- fect the number of seats overbooked?
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