Alejandro is selling HDMI cables on eBay, and is trying to determine the best price to sell at. For the last 10 weeks, he has adjusted his price slightly each week and tracked the number of cables he sold. He plotted the results, and drew a line he feels fits the data well. 33.253.53.7544.254.54.75550100150200250300Price ($)Quantity Sold a) The line of best fit passes through the points (3.50, 290) and (4.75, 280). Find an equation for the line. Use variables: p for price in dollars, and Q for quantity of cables sold. b) Using this model, predict the number of cables Alejandro would sell at a price of $3.65, to the nearest whole cable. cables Question Help: Forum Post to forum Submit Question
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Alejandro is selling HDMI cables on eBay, and is trying to determine the best price to sell at. For the last 10 weeks, he has adjusted his price slightly each week and tracked the number of cables he sold. He plotted the results, and drew a line he feels fits the data well.
33.253.53.7544.254.54.75550100150200250300Price ($)Quantity Sold
a) The line of best fit passes through the points (3.50, 290) and (4.75, 280). Find an equation for the line.
Use variables: p for price in dollars, and Q for quantity of cables sold.
b) Using this model, predict the number of cables Alejandro would sell at a price of $3.65, to the nearest whole cable.
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