Prices and mileage of 44 Toyota Prius cars. Prices ranged from $17,043 to $48,935. Mileage ranged from 403 to 70,838. While I did not share the cars were 2017 to 2020 models. Please show all work. Create a scatter plot of prices (Y) and mileage (X). What interpretation can you make using this scatter plot? Does this model meet the Linearity assumption? Provide evidence and a discussion of support for meeting the assumption. Does this model meet the Independent Errors assumption? Provide evidence and a discussion of support for meeting the assumption. Price Mileage 17167 67380 24500 8137 20700 14907 20700 13906 18995 39268 21985 3292 19995 32630 19983 36074 19477 35484 20980 23954 24940 7001 24940 7991 25480 3476 17960 41051 25980 403 24500 8137 18588 66109 18788 51022 19200 32753 21985 38838 24512 2307 22997 33671 18480 27233 18480 27758 17043 70838 17761 21967 18488 11686 17793 26080 17900 36655 18100 46264 20500 27112 22410 17384 22817 2860 21660 17060 17575 54848 20250 21084 20259 21183 24990 7492 23990 12853 25596 3144 23997 17970 19590 44180 20893 48935 22261 31400
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.
Prices and mileage of 44 Toyota Prius cars. Prices
- Create a
scatter plot of prices (Y) and mileage (X). What interpretation can you make using this scatter plot? - Does this model meet the Linearity assumption? Provide evidence and a discussion of support for meeting the assumption.
- Does this model meet the Independent Errors assumption? Provide evidence and a discussion of support for meeting the assumption.
| Price | Mileage |
| 17167 | 67380 |
| 24500 | 8137 |
| 20700 | 14907 |
| 20700 | 13906 |
| 18995 | 39268 |
| 21985 | 3292 |
| 19995 | 32630 |
| 19983 | 36074 |
| 19477 | 35484 |
| 20980 | 23954 |
| 24940 | 7001 |
| 24940 | 7991 |
| 25480 | 3476 |
| 17960 | 41051 |
| 25980 | 403 |
| 24500 | 8137 |
| 18588 | 66109 |
| 18788 | 51022 |
| 19200 | 32753 |
| 21985 | 38838 |
| 24512 | 2307 |
| 22997 | 33671 |
| 18480 | 27233 |
| 18480 | 27758 |
| 17043 | 70838 |
| 17761 | 21967 |
| 18488 | 11686 |
| 17793 | 26080 |
| 17900 | 36655 |
| 18100 | 46264 |
| 20500 | 27112 |
| 22410 | 17384 |
| 22817 | 2860 |
| 21660 | 17060 |
| 17575 | 54848 |
| 20250 | 21084 |
| 20259 | 21183 |
| 24990 | 7492 |
| 23990 | 12853 |
| 25596 | 3144 |
| 23997 | 17970 |
| 19590 | 44180 |
| 20893 | 48935 |
| 22261 | 31400 |
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