Correlation and regression analysis can be used to establish?
| March 15, 2021 | education
The relationship between factors, for example, between the price of a product and the demand for it.
According to the sales data, a graph of the dependence of demand on the price is built, with the help of correlation-regression analysis, an analytical representation (model) of the function is found, which most reliably describes the real demand depending on the price, and a forecast is made. For example, how much you need to increase the price of a product in order to maximize the total profit of the firm.
Based on the analysis, the firm makes economically sound decisions regarding its activities.
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