There is a functional relationship between Price of an IPod Touch,p and Weekly Demand,s. Below is a table of data that have been collected Price,p,($) Weekly Demand,s,(1,000s) 150 209 170 201 190 201 210 192 230 180 250 174 A. Find the linear model that best fits this data using regression and enter the model below (for entry round the linear parameter value to nearest 0.01 and constant parameter to nearest s = T(p) = B. The squared correlation coefficient r was above o 0.95 (note: values less than 0.95 MAY mean the model is not appropriate for making predictions)
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.
Find the linear model that best fits this data using regression and enter the model below
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