The cost of building a supermarket is related to the total area of the building. Data for the last 10 supermarkets built for Regork, Inc., are shown in the accompanying table. a. Develop a CERfor the construction of supermarkets. Use the CER to estimate the cost of Regork’s next store, which has a planned area of 23,000 square feet. b. Compute the standard error and correlation coefficient for the CER developed in Part (a).

The cost of building a supermarket is related to the total area of the building. Data for the last 10 supermarkets built for Regork, Inc., are shown in the accompanying table. a. Develop a CERfor the construction of supermarkets. Use the CER to estimate the cost of Regork’s next store, which has a planned area of 23,000 square feet. b. Compute the standard error and correlation coefficient for the CER developed in Part (a).

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter1: Fundamental Concepts Of Algebra

Section1.4: Fractional Expressions

Problem 65E

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Concept explainers

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.

Question

The cost of building a supermarket is related to the total area of the building. Data for the last 10
supermarkets built for Regork, Inc., are shown in the accompanying table.
a. Develop a CERfor the construction of supermarkets. Use the CER to estimate the cost of
Regork’s next store, which has a planned area of 23,000 square feet.
b. Compute the standard error and correlation coefficient for the CER developed in Part (a).

Building Area (ft²)
Cost ($)
14,500
15,000
17,000
18,500
20,400
21,000
25,000
26,750
28,000
30,000
800,000
825,000
875,000
972,000
1,074,000
1,250,000
1,307,000
1,534,000
1,475,500
1,525,000
1
2
3
4
6
7
8
9
10

Definition Definition Relationship between two independent variables. A correlation 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.

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