Sarah is self-publishing her 300-page novel and wants to estimate the printing costs. She looks up printing costs for other paperback books and plots the number of pages (x) against the cost (y) in dollars. Answer the questions to estimate the cost of printing a 300-page paperback book. 6.75 6.50 6.25 6.00 5.75 5.50 5.25 5,00 4.75 4.50 4.25 100 200 300 400 Number of pages Cost (dollars)
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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*Please answer all questions completely. This is NOT* for an academic grade.
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1. What is the y-intercept for the trend line? What is the real-world meaning of this point?
2. One point on the trend line is (200,6). Using this point and the y-intercept, find the slope of the trend line. Explain the work.
5.
3. What is the real-world meaning of the slope?
4. Use the slope and y-intercept to write an equation for the trend line in slope-intercept form.
5. Use your equation to estimate the cost of printing Sarah's 300-page book.
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