We want to predict the selling price of a house in Newburg Park, Florida, based on the distance the house lies from the beach. Suppose that we're given the data in the table below. These data detail the distance from the beach ( x , in miles) and the selling price ( y , in thousands of dollars) for each of a sample of sixteen homes sold in Newburg Park in the past year. The data are plotted in the scatter plot in Figure 1. Distance from the beach, x (in miles) Selling price, y (in thousands of dollars) 13.3 224.2 10.0 288.0 13.7 272.4 10.0 229.5 4.6 274.1 12.7 190.6 8.2 289.4 9.1 215.4 11.5 272.8 7.0 244.4 4.9 309.5 12.4 198.9 7.0 305.4 11.8 202.5 5.7 277.1 18.0 228.5 y 150 200 250 300 350 x 5 10 15 20 0 Figure 1 The value of the sample correlation coefficient r for these data is approximately −0.577 . Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below. What is the value of the slope of the least-squares regression line for these data? Round your answer to at least two decimal places. What is the value of the y-intercept of the least-squares regression line for these data? Round your answer to at least 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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The value of the sample
Answer the following. Carry your intermediate computations to at least four decimal places, and round your answers as specified below.
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