Purchase Solution

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

Not what you're looking for?

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)
1---------------8-------------------------------5
2---------------7-------------------------------2
3--------------- 10------------------------------- 6
4--------------- 6------------------------------- 4

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

##### Solution Summary

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

##### 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 ...

##### Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

##### Operations Management

This quiz tests a student's knowledge about Operations Management

##### Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.