lotSize workHrs 80 399 30 121 50 221 376 90 70 361 60 224 120 546 80 352 100 353 157 40 160 70 252 90 389 113 435 110 100 420 30 212 268 90 377 110 421 30 273 90 468 40 244 80 342 70 323
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.
a. Read the Toluca.txt dataset into R (this dataset can be found on Canvas). Now fit a simple linear regression model with X = lotSize and Y = workHrs. Summarize the output from the model: the least square estimators, their standard errors, and corresponding p-values. b. Draw the
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