A company that manufactures video cameras produces a basic model and a deluxe model. Over the past year, 40% of the cameras sold have been the basic model. Of those buying the basic model, 30% purchase an extended warranty, whereas 50% of all purchasers of the deluxe model buy an extended warranty. If you learn that a randomly selected purchaser bought an extended warranty, what is the probability that he or she has a basic model? (round to three decimal places)
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.
A company that manufactures video cameras produces a basic model and a deluxe model. Over the past year, 40% of the cameras sold have been the basic model. Of those buying the basic model, 30% purchase an extended warranty, whereas 50% of all purchasers of the deluxe model buy an extended warranty. If you learn that a randomly selected purchaser bought an extended warranty, what is the probability that he or she has a basic model? (round to three decimal places)
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