Using Linear Regression to Calculate Complex Factors

Nonfiction, Social & Cultural Studies, Social Science, Statistics
Cover of the book Using Linear Regression to Calculate Complex Factors by Homework Help Classof1, Classof1
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Author: Homework Help Classof1 ISBN: 1230000120869
Publisher: Classof1 Publication: April 10, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000120869
Publisher: Classof1
Publication: April 10, 2013
Imprint:
Language: English

We have looked at break-even calculations, scatter plots for estimating demand information, and trends in revenue so far. In each of these, we simplified the analysis to a straight line. While this is useful, sometimes these data are more complex. They may be a curved line, or instead of only one item for the slope, such as variable costs, there may be several factors involved in the estimate. So demand, for example, may be based on price, convenience, or quality. How does a linear regression allow us to better estimate trends, costs, and other factors in complex situations?

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We have looked at break-even calculations, scatter plots for estimating demand information, and trends in revenue so far. In each of these, we simplified the analysis to a straight line. While this is useful, sometimes these data are more complex. They may be a curved line, or instead of only one item for the slope, such as variable costs, there may be several factors involved in the estimate. So demand, for example, may be based on price, convenience, or quality. How does a linear regression allow us to better estimate trends, costs, and other factors in complex situations?

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