Question

In: Statistics and Probability

9. Following is the sample ticket price for round trip in May: San Francisco to Chicago...

9. Following is the sample ticket price for round trip in May: San Francisco to Chicago
1. Is there a Corelation in airline ticket prices among United and American Airlines?
Day United AA 2. Predicting the American Airline ticket Price based on the United Airline price?
Monday 234 244
Tuesday 230 232 3. Apply Regression analysis
Wednesday 229 231 4. Scatter Plot diagram
Thursday 220 225 5. Business decisions on the airline ticket price.

Solutions

Expert Solution

solution:

first of all calculating the mean of the both the variables prices as follows and make the necessary computation as shown in the table

mean of X=

mean of Y =

dx and dy are calculated as folllows:

dx = X - mean of X

dy = Y - mean of Y

1) correlation cofficient =

putting the respective values in the formula from the table

Yes, there is a strong and positive correlation in american airline prices and united prices.

2) it is given that to predict the american airline price so,

the regression equation of Y on X as follows

putting the values from the table in the equation

the scatter plot is as follows:

5) it is shown that as the price of ticket of united airline increase the price of american airline also increase. we can predict the price of american airlines ny the price of united by the calculated regression equation.

orchestra answered 2 years ago
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