An economist is studying the job market inDenver area neighborhoods. ... A sample of sixDenver neighborhoods gave the followinginformation (units in hundreds of jobs). ... x 13 30 50 28 50 25 y 1 3 6 5 9 3 A. Find x, y, a, b. Then find the equation of the least-square lines y= a+bx B. draw a scatter digram displaying the data C. Graph the least-square line on your scatter diagram. Be sure to use the point (x y) as one of the points on the line. D. Find the value of the coefficient of determination r2. What percentage of the variation in y can be explained by the corresponding variation of x and least-square lines? What percentage is unexplained?
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.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 5 images
