regression analysis relating the current market value in dollars to the size in square feet of homes in Greene County, Tennessee, follows. The regression equation is: Value = −37,186 + 65.0 Size. Predictor Coef SE Coef T P Constant − 37,186 4,629 −8.03 0.000 Size 64.993 3.047 21.33 0.000 Analysis of Variance Source DF SS MS F P Regression 1 13,548,662,082 13,548,662,082 454.98 0.000 Residual Error 33 982,687,392 29,778,406 Total 34 14,531,349,474 a. How many homes were in the sample? b. Compute the standard error of estimate. (Round your answer to nearest whole number.) c. Compute the coefficient of determination. (Round your answer to 2 decimal places.) d. Compute the correlation coefficient. (Round your answer to 2 decimal places.)
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.
| Predictor | Coef | SE Coef | T | P | ||||||||
| Constant | − | 37,186 | 4,629 | −8.03 | 0.000 | |||||||
| Size | 64.993 | 3.047 | 21.33 | 0.000 | ||||||||
| Analysis of Variance | |||||||||||||||
| Source | DF | SS | MS | F | P | ||||||||||
| Regression | 1 | 13,548,662,082 | 13,548,662,082 | 454.98 | 0.000 | ||||||||||
| Residual Error | 33 | 982,687,392 | 29,778,406 | ||||||||||||
| Total | 34 | 14,531,349,474 | |||||||||||||
a. How many homes were in the sample?
b. Compute the standard error of estimate. (Round your answer to nearest whole number.)
c. Compute the coefficient of determination. (Round your answer to 2 decimal places.)
d. Compute the
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