Data from the Bureau of Labor Statistics indicates that in a certain month, 38.4% of the labor force had a high school diploma or fewer years of education, 28.1% had some college or an associate's degree, and 33.5% had a bachelor's degree or more education. Of those with a high school diploma or fewer years of education, 9.1% were unemployed. Of those with some college or an associate's degree, 6.7% were unemployed, and of those with a bachelor's degree or more education, 4.2% were unemployed. Find the probability that a randomly chosen labor force participant has a bachelor's degree or more education given that he or she is unemployed. The probability is. (Type an integer or decimal rounded to three decimal places as needed.)
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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