question 1 : The regression equation for given model is: ŷ = (enter an appropriate value rounded to 4 decimal places) + (enter an appropriate value rounded to 4 decimal places) x1 + (enter an appropriate value rounded to 4 decimal places) x2 question 2 : R2 = (enter an appropriate value rounded to 3 decimal places) and expected value of R2 = (enter an appropriate value rounded to 3 decimal places). question 3 : Thus, we select an option (can expect or cant expect?) to find R2 close to the true value of (enter an appropriate value rounded to 3 decimal places) purely by chance.
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.
From the below data perform a multiple regression. What is the R2 ? How much of this R2 can be attributed to chance?
|
Market Price
(thousands of dollars) y |
Total Number of
Square Feet x1 |
Age of Warehouse
(Years) x2 |
||
|---|---|---|---|---|
| 63.0 | 1,605 | 35 | ||
| 65.1 | 2,489 | 45 | ||
| 69.9 | 1,553 | 20 | ||
| 76.8 | 2,404 | 32 | ||
| 73.9 | 1,884 | 25 | ||
| 77.9 | 1,558 | 14 | ||
| 74.9 | 1,748 | 8 | ||
| 78.0 | 3,105 | 10 | ||
| 79.0 | 1,682 | 28 | ||
| 83.4 | 2,470 | 30 |
question 1 :
The regression equation for given model is: ŷ = (enter an appropriate value rounded to 4 decimal places) + (enter an appropriate value rounded to 4 decimal places) x1 + (enter an appropriate value rounded to 4 decimal places) x2
question 2 :
R2 = (enter an appropriate value rounded to 3 decimal places) and
question 3 :
Thus, we select an option (can expect or cant expect?) to find R2 close to the true value of (enter an appropriate value rounded to 3 decimal places) purely by chance.
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