CS= 300.1 + 19.5 LEOP+ 0.75 DTP+0.5 CCTV+ 1.25 Prison, ere CCTV denotes the number of CCTV cameras installed in the district. th the revised estimates, the expected change in the cost to the state due to the increase in the number of inmates would be $ xpress your answer in dollars.) e initial regression model suffered from ter your answer in each of the answer boxes.
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.
The initial regression model suffered from
1) perfect multicollinearity,
2) omitted variable bias or 3) dummy variable trap.
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