An electronics retailer would like to investigate the relationship between the selling price of a certain digital camera model and the demand for it. The accompanying table shows the weekly demand for the camera in one particular market along with the corresponding price. Determine the sample correlation coefficient between the selling price and the demand for this camera. Demand Price 16 340 22 350 16 360 12 370 11 380 9 390 4 400
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.
An electronics retailer would like to investigate the relationship between the selling price of a certain digital camera model and the demand for it. The accompanying table shows the weekly demand for the camera in one particular market along with the corresponding price. Determine the sample
| Demand | Price |
| 16 | 340 |
| 22 | 350 |
| 16 | 360 |
| 12 | 370 |
| 11 | 380 |
| 9 | 390 |
| 4 | 400 |
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