Regression analysis was applied and a significant relationship between product demand (Y) and the product price (X) was found. The following estimated regression equation was obtained. Ý (Yhat) = 120- 10 X Based on the above estimated regression equation, if price is increased by 10 units, then demand is expected to O decrease by 10 units O decrease by 100 units increase by 100 units O incease by 10 units O none of these O ooO
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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