The table shows the national expenditures for health care in billions, in a country for the selected years from 1990 to 2020. Given the projection cost for the year 2002, identify the type of regression point. Year
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.
The table shows the national expenditures for health care in billions, in a country for the selected years from 1990 to 2020.
Given the projection cost for the year 2002, identify the type of regression point.
Year Exprenditures ($billions)
1991 1020
1994 1356
1998 1984
2004 2984
2009 3374
2016 4765
2020 5937
Interpolation
Extrapolation
Neither
Both
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