The table shows data on the number of visitors to the UK in a month, (1000s), and the amount of money they spent, (£ millions), for each of 8 months. The correlation coefficient between and is 0.962 Give a reason to support fitting a regression model of the form to these data. Summary statistics are: For a regression model of the form . Find the value of b (the slope) correct to two decimal places. Now calculate a (the intercept) to calculate the regression model. Interpreting the value of b, each additional visitor spends £ __________ Using the equation calculated in part c, estimate the amount of money spent when the number of visitors to the UK in a month is 2,500,000
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 table shows data on the number of visitors to the UK in a month, (1000s), and the amount of money they spent, (£ millions), for each of 8 months.
The
- Give a reason to support fitting a regression model of the form to these data.
- Summary statistics are:
For a regression model of the form . Find the value of b (the slope) correct to two decimal places.
- Now calculate a (the intercept) to calculate the regression model.
- Interpreting the value of b, each additional visitor spends £ __________
- Using the equation calculated in part c, estimate the amount of money spent when the number of visitors to the UK in a month is 2,500,000
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