x 50 60 73 82 90 215 230 260 y 1.8 1.6 1.5 1.25 0.95 0.60 0.50 0.54 Here x is the weighted average machine size in tons per hour, and y is the employee-hours per ton. A. Determine the best-fitting line using least squares and the square of the correlation coefficient. The best-fitting line is W(x) = . The square of the correlation coefficient is r2 = . B. Is there an advantage to using a large machine? Pick the correct answer. The larger the machine, the less employee-hours.The larger the machine, the more the employee-hours. The smaller the machine, the less the employee-hours.The larger the machine, the employee-hours do not change. C. What does this model predict the weighted average machine size will be is the employee-hours per ton is 1.00? (Round to the nearest ton.) The machine will make tons for 1 employee-hour per ton.
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.
Strategic Management relates a study in economies of scale in the paper industry. the data is found in the following table.
| x | 50 | 60 | 73 | 82 | 90 | 215 | 230 | 260 |
| y | 1.8 | 1.6 | 1.5 | 1.25 | 0.95 | 0.60 | 0.50 | 0.54 |
Here x is the weighted average machine size in tons per hour, and y is the employee-hours per ton.
A. Determine the best-fitting line using least squares and the square of the
The best-fitting line is W(x) =
.
The square of the correlation coefficient is r2 = .
B. Is there an advantage to using a large machine? Pick the correct answer.
C. What does this model predict the weighted average machine size will be is the employee-hours per ton is 1.00? (Round to the nearest ton.)
The machine will make tons for 1 employee-hour per ton.
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