The price of crude oil during the period 2000-2010 can be approximated by P(t) = 6t + 18 dollars per barrel (0 sts 10) in year t, where t = 0 represents 2000. Saudi Arabia's crude oil production over the same period can be approximated by Q(t) = -0.036t2 + 0.62t + 8 million barrels per day (0 sts 10).t Use these models to estimate Saudi Arabia's daily oil revenue and also its rate of change in 2005. (Round your answers to the nearest $1 million.) daily oil revenue $ 490 A 490 million rate of change in 2005 $ 74 74 million/yr
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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