Year # sold a) Clearly state the response variable. (thousand) 2000 142 b) Sketch a scatterplot of the data. 2001 149 2002 154 c) What is the shape of the association? 2003 155 d) Compare the correlation coefficient to decide if a linear, exponential, or logarithmic model best fits the data. 2004 159 2005 161 2006 163 e) Based on your response for (d) give the equation of the regression equation. 2007 164 2008 164 2009 166 f) Based on your response for (d) predict the # sold in the year 2015. Is this predication trustworthy. 2010 167 g) Based on your response for (d) find the residual for the year 2007.
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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