A department store's annual sales (in millions of dollars) during the past 5 years were. Year, x 1 2 3 4 5 Annual Sales, y 5.8 6.2 7.2 8.4 9.0 a) Plot the annual sales (y) versus the year (x) and draw a straight line, L, through the points corresponding to the second and fourth years. b) Derive an equation for the line L.
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 department store's annual sales (in millions of dollars) during the past 5 years were. Year, x 1 2 3 4 5 Annual Sales, y 5.8 6.2 7.2 8.4 9.0 a) Plot the annual sales (y) versus the year (x) and draw a straight line, L, through the points corresponding to the second and fourth years. b) Derive an equation for the line L.
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