You have to examine the relationship between the age and price for used cars sold in the last year by a car dealership company. Here is the table of the data: Car Age (in years) Price (in dollars) 4 6300 4 5800 5 5700 5 4500 7 4500 7 4200 8 4100 9 3100 10 2100 11 2500 12 2200 What is the estimated cost value of car ages 2 and 15?
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.
- You have to examine the relationship between the age and price for used cars sold in the last year by a car dealership company.
-
Here is the table of the data:
Car Age (in years)
Price (in dollars)
4
6300
4
5800
5
5700
5
4500
7
4500
7
4200
8
4100
9
3100
10
2100
11
2500
12
2200
What is the estimated cost value of car ages 2 and 15?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
