Find the regression equation (rounding values to 2 places), letting the first variable be the independent variable x. Use the regression equation values to find the best predicted gross amount for a movie with a budget of 69 million dollars. Hint: Use the exact regression values to find an accurate predicted value and then round your answer. In the table below, all amounts are in millions of dollars. Budget 95 195 80 89 92 92 86 83 Gross 60 599 57 47 66 65 55 62 y = ? +? x y69 =?
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 regression equation (rounding values to 2 places), letting the first variable be the independent variable x.
Use the regression equation values to find the best predicted gross amount for a movie with a budget of 69 million dollars. Hint: Use the exact regression values to find an accurate predicted value and then round your answer.
In the table below, all amounts are in millions of dollars.
| Budget | 95 | 195 | 80 | 89 | 92 | 92 | 86 | 83 |
| Gross | 60 | 599 | 57 | 47 | 66 | 65 | 55 | 62 |
| y = | ? +? x |
| y69 =? |
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