The United States gross national product, in trillions of dollars, is given in the table below. Date 2010 2011 2012 2013 Gross national product 15.0 15.5 16.2 16.7 (a) Find the equation of the regression line. (Let e be the number of years since 2010. Round regression line parameters to two decimal places.) Ge) = Explain the meaning of its slope. The slope of the line tells us that each year the gross national product increases by ( |trillion dollars. (b) Plot the data points and the regression line. G 17 17 16 16 15- 15 14 14 13 13 12 12 1 3. 1 2 3 G G 17 17 16 16 15 15 14 4 14 13 13 12 12 1 2 3. 2 3 (c) When would you predict that a gross national product of 17.3 trillion dollars would be reached? (Round your answer to two decimal places.) The actual gross national product in 2014 was 17.3 trillion dollars. What does that say about your prediction? • This prediction is accurate. O This prediction is not accurate.
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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