Listed below are amounts of court income and salaries paid to the town justices for a certain town. All amounts are in thousands of dollars. Find the (a) explained variation, (b) unexplained variation, and (c) indicated prediction interval. There is sufficient evidence to support a claim of a linear correlation, so it is reasonable to use the regression equation when making predictions. For the prediction interval, use a 99% confidence level with a court income of $800,000. Court_Income Justice_Salary 68 31 415 47 1592 95 1150 52 268 40 252 55 117 26 163 26 28 15
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.
Listed below are amounts of court income and salaries paid to the town justices for a certain town. All amounts are in thousands of dollars. Find the (a) explained variation, (b) unexplained variation, and (c) indicated prediction interval. There is sufficient evidence to support a claim of a linear
| Court_Income | Justice_Salary |
| 68 | 31 |
| 415 | 47 |
| 1592 | 95 |
| 1150 | 52 |
| 268 | 40 |
| 252 | 55 |
| 117 | 26 |
| 163 | 26 |
| 28 | 15 |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
