The following table gives the amount spent on cellular service. Date Cellular service revenue (in billions) 2011 1.01 2012 1.05 2013 1.09 2014 1.11 Plot the data points. (Let tbe the number of years since 2011 and C the amount of cellular service revenue, in billions of dollars.) CORRECT (b) Find the equation of the regression line. (Let t be the number of years since 2011 and C the amount of cellular service revenue, in billions of dollars. Round the regression line parameters to three decimal places.) C(t) = C(t) = 0.034t+1.014 CORRECT Add its graph to the plotted data. CORRECT (c) In 2015, $1.14 trillion was spent on cellular service. If you had been a financial strategist in 2014 with only the data in the table above available, what would have been your prediction for the amount spent on cellular service in 2015? (Round your answer to two decimal places.) billion dollars CORRECT [0.034t + 1.014] [0.034(4) + 1.014 = 1.15]v
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 following table gives the amount spent on cellular service.
|
Date |
Cellular service revenue |
|
2011 |
1.01 |
|
2012 |
1.05 |
|
2013 |
1.09 |
|
2014 |
1.11 |
- Plot the data points. (Let tbe the number of years since 2011 and C the amount of cellular service revenue, in billions of dollars.)
CORRECT
|
|
(b) Find the equation of the regression line. (Let t be the number of years since 2011 and C the amount of cellular service revenue, in billions of dollars. Round the regression line parameters to three decimal places.)
C(t) =
C(t) = 0.034t+1.014 CORRECT
Add its graph to the plotted data.
|
CORRECT |
|
|
|
(c) In 2015, $1.14 trillion was spent on cellular service. If you had been a financial strategist in 2014 with only the data in the table above available, what would have been your prediction for the amount spent on cellular service in 2015? (Round your answer to two decimal places.)
billion dollars CORRECT [0.034t + 1.014] [0.034(4) + 1.014 = 1.15]v
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