An online retail company tracked total number of purchases monthly. In July 2007 there were 4,640 purchases and in January 2008 there were 4,880. The purchases followed a linear model of the form p=S(t)=rt+i where p purchases is in 1000's and t is months where January 2007=0 Sales are increasing at a constant rate of ______purchases/month Write out the linear model with the parameter values p=S(t)=
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 online retail company tracked total number of purchases monthly. In July 2007 there were 4,640 purchases and in January 2008 there were 4,880.
The purchases followed a linear model of the form p=S(t)=rt+i where p purchases is in 1000's and t is months where January 2007=0
Sales are increasing at a constant rate of ______purchases/month
Write out the linear model with the parameter values p=S(t)=
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