The following data show the results of random sample of 10 batches of one pattern of product: Sample Batch Size Support Costs X Y 1 10 $100 12 120 15 200 4 20 150 10 200 25 250 20 150 8. 12 120 9 18 240 10 30 300 Calculate: Using regression analysis (Y= a + bx) and predict support cost for a batch size X = $10 then what is Mixed Cost? 2. 67
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.
Step by step
Solved in 4 steps
