1st Edition

ISBN: 9781938168208

Author: Barbara Illowsky, Susan Dean

Publisher: OpenStax College

Concept explainers

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 p…

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Textbook Question

Chapter 12, Problem 31P

Use the following information to answer the next two exercises. An electronics retailer used regression to find a simple

model to predict sales growth in the first quarter of the new year (January through March). The model is good for 90 days,

where x is the day. The model can be written as follows:

y ^ =1 0 1 . 32 + 2 . 48 x where y is in thousands of dollars.

What would you predict the sales to be on day 60?

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Chapter 12, Problem 30P

Chapter 12, Problem 32P

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