Question
Download Solution PDFLet X and Y represent prices (in Rs) of a commodity in Kolkata and Mumbai respectively. It is given X̅ = 65, Y̅ = 67, σX = 2.5, σY = 3.5 and r(X, Y) = 0.8. What is the equation of regression of Y on X ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept:
Equation of regression of Y on X:
The equation of regression of Y on X with given values of
Calculation:
It is given that X̅ = 65, Y̅ = 67, σX = 2.5, σY = 3.5 and r(X, Y) = 0.8 .
Using the equation of regression of Y on X we write:
Therefore, the required equation is y = 1.12x - 5.8
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