The management of a manufacturer of electric motors, submitted the accompanying data in its annual stockholders report. The following table shows the net sales (in millions of dollars) during the 5 years that have elapsed since the new management team took over. Year, x 2. 5 Net Sales, y 428 442 455 463 474 (The first year the firm operated under the new management corresponds to the time period x = 1, and the four subsequent years correspond to x = 2, 3, 4, and 5.) (a) Determine the equation of the least-squares line for these data. y =
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.
Hi there, not sure the steps on how to solve this. The question also asks to draw a scatter gram and the least-squares line for these data.
Also, how do I use the results from the part A to predict the net sales for the upcoming year?
![The management of a manufacturer of electric motors, submitted the accompanying data in its annual stockholders report. The following table shows the net sales (in millions of dollars) during the 5
years that have elapsed since the new management team took over.
Year, x
1
3
4
5
Net Sales, y
428
442 455
463
474
(The first year the firm operated under the new management corresponds to the time period x = 1, and the four subsequent years correspond to x = 2, 3, 4, and 5.)
(a) Determine the equation of the least-squares line for these data.
y =](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0a8a8b2-22c4-42fd-96b3-e86c4fe33385%2F3cf7b591-26e6-4c09-938f-0d8e5e35e57b%2F5pvimo_processed.png&w=3840&q=75)
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