The cost of a leading liquid laundry detergent in different sizes is given below. Size (ounces) Cost ($) 16 3.29 32 4.09 64 5.09 200 9.89 Part 1) Calculate the least squares line. Put the equation in the form of: ŷ = a + bx. (Round your answers to three decimal places.) ŷ = _____________+______________ x Part 2) If the laundry detergent were sold in an 90-ounce size, find the estimated cost. (Use your equation from part (c). Round your answer to two decimal places.) $ ___________ Part 3) What is the slope of the least squares (best-fit) line? (Round your answer to three decimal places.) Interpret the slope. (Round your answer to three decimal places.) __________ Slope As the (cost or number of ounces) of liquid laundry detergent increases by one unit, the detergent (cost or size) increases by __________ (ounces or 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.
The cost of a leading liquid laundry detergent in different sizes is given below.
| Size (ounces) | Cost ($) |
|---|---|
| 16 | 3.29 |
| 32 | 4.09 |
| 64 | 5.09 |
| 200 | 9.89 |
Part 1) Calculate the least squares line. Put the equation in the form of: ŷ = a + bx. (Round your answers to three decimal places.)
ŷ = _____________+______________ x
Part 2) If the laundry detergent were sold in an 90-ounce size, find the estimated cost. (Use your equation from part (c). Round your answer to two decimal places.)
$ ___________
Part 3) What is the slope of the least squares (best-fit) line? (Round your answer to three decimal places.) Interpret the slope. (Round your answer to three decimal places.)
__________ Slope
As the (cost or number of ounces) of liquid laundry detergent increases by one unit, the detergent (cost or size) increases by __________ (ounces or dollars)
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