State Debt and Per Capita Tax Data for per capita state debt and per capita state tax for nine randomly selected states are shown. The correlation coefficient is r=0.405. Compute the standard error of the estimate rounded to at least two decimal places, if appropriate. Assume α=0.05. Per capita debt x 3377 1413 1608 1442 2705 2349 7554 2230 1446 Per capita tax y 2432 3094 2348 2147 2376 2387 2818 2324 1860 The standard error of the estimate should be calculated. S est= The standard error of the estimate should not be calculated.
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.
State Debt and Per Capita Tax Data for per capita state debt and per capita state tax for nine randomly selected states are shown. The
| Per capita debt
x
|
3377
|
1413
|
1608
|
1442
|
2705
|
2349
|
7554
|
2230
|
1446
|
|---|---|---|---|---|---|---|---|---|---|
| Per capita tax
y
|
2432
|
3094
|
2348
|
2147
|
2376
|
2387
|
2818
|
2324
|
1860
|
|
|
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