Correlation and regression analysis are performed for 2 variables. This helps answer question such as price elasticity: price and quantity for white wine
To measure the relationship is between two measures, we used a method called the Pearson’s correlation. It tells whether they have a strong positive relationship (move in the same direction) or strong negative relationship (move in opposite direction) or no relationship.
To identify the impact of a measure towards the other, we used simple linear regression to fit a straight line between the two measures. From the line, we can identify the slope and it tells us the change in a measure given a unit increase from the other measure.