Regression Analysis
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Why is it important for you to study regression analysis in a business course? Are there situations in business where you will need to use regression analysis? Understand the limitations of the linear regression method.
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Solution Summary
Why it it important to study regression analysis in a business course is explained.
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Regression analysis is a statistical tool for the investigation of relationships between variables. Usually, the investigator seeks to ascertain the causal effect of one variable upon another, for examples:
- The effect of a price increase upon demand,
- The effect of changes in the money supply upon the inflation rate.
To explore such issues, the investigator assembles data on the underlying variables of interest and employs regression to estimate the quantitative effect of the causal variables upon the variable that they influence. The ...
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