PopulationThe resident population of Wisconsin (in thousands) was 5655 in 2009 and 5743 in 2013. Assume that the relationship between the population y and the year t is linear. Let t = 0 represent 2000. (Source: U.S. Census Bureau) (a) Write a linear model for the data. What is the slope and what does it tell you about the population? (b) Use the model to estimate the population in 2011. (c) Use your school’s library, the Internet, or some other reference source to find the actual population in 2011. How close was your estimate? (d) Do you think your model could be used to predict the population in 2018? Explain
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.
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