The following table gives the retail value of a 2004 Corvette Z06 for various odometer readings. Source: Kelley Blue Book website, November 3, 2004) Odometer Reading Retail Value $46,100 $44,600 $43,300 $41,975 $40,975 $39,750 13,000 18,000 20,000 25,000 29,000 32,000 a) a. Find the least-squares regression line for the data. Round constants to the nearest
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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