Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand,s. Below is a table of data that have been collected Price,p ,($) Weekly Demand,s ,(1,000s) 150 213 170 208 190 195 210 191 230 178 250 171 C. What does the model predict will be the weekly demand if the price of an ipod touch is $173 ? (nearest 100)
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Situation: The Ipod Touch has been out for two years now and a lot of data has been collected.
Relevant Relationship:
There is a
Below is a table of data that have been collected
| Price,p |
|---|
| ,($) | Weekly Demand,s |
|---|
| ,(1,000s) | |
|---|---|
| 150 | 213 |
| 170 | 208 |
| 190 | 195 |
| 210 | 191 |
| 230 | 178 |
| 250 |
171 |
C. What does the model predict will be the weekly demand if the price of an ipod touch is $173 ? (nearest 100)
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