State University administrators believe their freshman applica-tions are influenced by two variables: tuition and the size of theapplicant pool of eligible high school seniors in the state. Thefollowing data for an eight-year period show the tuition rates(per semester) and the sizes of the applicant pool for each year:a. Using Excel, develop the multiple regression equationfor these data.b. What is the coefficient of determination for thisregression equation?c. Determine the forecast for freshman applicants fora tuition rate of $1500 per semester with a pool ofapplicants of 60,000. Tuition ($) Applicant Pool Applicants900 76,200 11,0601250 78,050 10,9001375 67,420 8,6701400 70,390 9,0501550 62,550 7,4001625 59,230 7,1001750 57,900 6,300
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.
State University administrators believe their freshman applica-tions are influenced by two variables: tuition and the size of theapplicant pool of eligible high school seniors in the state. Thefollowing data for an eight-year period show the tuition rates(per semester) and the sizes of the applicant pool for each year:a. Using Excel, develop the multiple regression equationfor these data.b. What is the coefficient of determination for thisregression equation?c. Determine the
Tuition ($) Applicant Pool Applicants
900 76,200 11,060
1250 78,050 10,900
1375 67,420 8,670
1400 70,390 9,050
1550 62,550 7,400
1625 59,230 7,100
1750 57,900 6,300
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