The Maroochy Chamber of Commerce is interested in determining the relationship between the number of fine days each year and the number of interstate and overseas tourists visiting the Sunshine Coast each year, measured in thousands. Using annual data from 1995 to 2005 (inclusive), the following model was estimated: Y = -7.04 + 0.73 X Error sum of squares: 358 Sum of squares of X: 946.7 Determine the upper limit for the 95% confidence interval for the slope correct to two decimal places.
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.
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