g. Calculate the 90% confidence interval estimate of the population parameter of gasoline prices. Show your calculations. Interpret your result. h. Calculate the 90% confidence interval estimate of error variance (o). Show your calculations. Interpret your result. i. Use your result in part (h) to explain whether you reject the claim that the true standard error of regression is 0.45 against the alternative that it is bigger than 0.45. In answering this question, write the null and alternative hypotheses.
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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