Correlation and simple linear regression


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The present study shows data for prices per gallon of paint and the demand for each brand of paint. The sales manager at a home improvement store is interested in knowing if there is a significant relationship between the price a gallon of paint and the demand (number of gallons sold). A sample of 28 different paint brands is collected and analyzed. We will use Excel formula to find the values of the covariance and correlation coefficient and analyze what the values mean. We will use the Excel Data Analysis Add-in to build a regression model and find the values of the errors in the model. We will identify the value of the coefficient of determination and analyze its meaning. We will use the regression model to make predictions. We will test the claim that there is no relationship between the two variables. We will compare the observed level of significance (p-value) with alpha and decide if we can conclude that there is relationship between the two variable.

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