Q3. For 17 observations on Price (X) and Supply (Y), the following data were obtained in appropriate units. Ev = Ex = 544 Ex = 19040 Σy- 244 Exy = 8413 a. Calculate the correlation coefficient (r) b. Calculate the intercept of the regression formula c. Calculate the slope of the regression formula d. Obtain the regression equation e. What is supply when price is 35? 3773
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images