7. The table shows average US retail residential prices of electricity from 2000 to 2012, measured in cents per kilowatt hour. Make a scatter plot. Is a linear model appropriate? Find and graph the regression line. Use your linear model from part (b) to estimate the average retail price of electricity in 2005 and 2013. а. b. С. Years since 2000 Cents/kWh 8.24 2 8.44 4 8.95 10.40 8 11.26 10 11.54 12 11.58
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 3 steps with 1 images
