The following table shows the annual expenditures, in dollars, per customer unit for residential landline phone services and cellular phone services in the United States in the given year.† Year Landline Cell 2004 592 378 2006 542 524 2008 467 643 2010 401 760Calculate the regression line for each type of service. (Let t be the time in years since 2004, L be the operating revenue of landline phone services and C be the expenditure of cellular services. Round your regression parameters to two decimal places.) L(t) = C(t) = Determine the expenditure level at which the two lines cross. Round your answer for the expenditure level to one decimal place. million dollars
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.
The following table shows the annual expenditures, in dollars, per customer unit for residential landline phone services and cellular phone services in the United States in the given year.†
| Year | Landline | Cell |
|---|---|---|
| 2004 | 592 | 378 |
| 2006 | 542 | 524 |
| 2008 | 467 | 643 |
| 2010 | 401 | 760 |
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L(t) =
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C(t) =
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Determine the expenditure level at which the two lines cross. Round your answer for the expenditure level to one decimal place.
million dollars
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