The following table shows, for a certain town, the number N of real estate units sold as a function of t where t means the number of years after 2003. t=years after 2003 1 2 3 4 7 N=number of real estate 732 820 896 801 713 563 590 599 units sold Use regression to find a cubic model for the data. (Keep 3 decimal places for your regression parameters.) Choose one: a. Answer: A. N =7.106t³ – 81.876t2 + 208.536t + 720.803 N = 8.106t³ -82.876t² + 208.539t + 789.278 C. N=9.206t³ – 75.7416t² + 208.532t + 871.899 В. b. Use the model to estimate the number of units sold in the year 2013. (Hint: 2013 is 10 years after 2003. Round your answer to the nearest whole number.) Answer: units
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 shows, for a certain town, the number N of real estate units sold as a function of t
where t means the number of years after 2003.
t=years after 2003
N=number of real estate
1
3
4
5
6.
7
732
820
896
801
713
563
590
599
units sold
a.
Use regression to find a cubic model for the data. (Keep 3 decimal places for your regression
parameters.) Choose one:
Answer:
A. N=7.106t3 – 81.876t2 + 208.536t + 720.803
B. N = 8.106t³ – 82.876t² + 208.539t + 789.278
C. N =9.206t³ – 75.7416t² + 208.532t + 871.899
b.
Use the model to estimate the number of units sold in the year 2013. (Hint: 2013 is 10 years after
2003. Round your answer to the nearest whole number.)
Answer:
units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbcf85b47-da97-44c5-9cd6-091ddd50a8da%2Fbb99d29e-5816-498d-85fe-86b1e09973c5%2Fch546h_processed.jpeg&w=3840&q=75)
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