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    Develop an equation to determine the correlation coefficient from a given data set.

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    Use linear regression to develop a predictive model for demand for ironing board covers based on sales of irons.

    Year--------Sales of Irons (000)----Demand for Covers (000)
    3--------------- 10------------------------------- 6
    4--------------- 6------------------------------- 4

    A) Develop the equation.
    B) What is the coefficient of correlation for this data?

    © BrainMass Inc. brainmass.com December 24, 2021, 4:47 pm ad1c9bdddf

    Solution Preview

    Please view the attachment below for a detailed solution.

    The equation is: Demand for Covers = 0.554*Sales of Irons

    The two are correlated by 0.714

    Here is the output from excel. Assume that demand for covers will ...

    Solution Summary

    The expert develops an equation to determine the correlation coefficient. The solution presents a full explanation with calculations for the answer.