Disposable income is the amount available for spending and saving after taxes have been paid and is one gauge for the state of the economy. Using U.S. Energy Administration data for selected years from 2010 and projected to 2040, the total U.S. disposable income, in billions, can be modeled by D(t) = 10,020e0.02292t where t is the number of years past 2010. In what year is disposable income predicted to be $17 trillion (that is, $17,000 billion)?
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.
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