An agent for a real estate company in a large city would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of eight apartments in a neighborhood was selected, and the information gathered revealed the data shown below. For these data, the regression coefficients are bo = 212.5651 and b, = 0.9701. Complete parts (a) through (d). Monthly Rent ($) Size (Square Feet) 875 1,500 800 1,600 1,950 950 1,700 1,250 O 800 1,300 1,050 1,100 1,900 750 1,350 950 - measures the proportion of variation in monthly rent that can be explained by the variation in D. apartment size. b. Determine the standard error of the estimate, Syy. Syx = (Round to three decimal places as needed.) %3!
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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