table shows the average weekly wages (in dollars) for state government employees and federal government employees for 8 years. The equation of the regression line is y = 1.446x - 50.186. Complete parts (a) and (b) below. Average Weekly Wages (state), x Average Weekly Wages (federal), y 749 777 792 804 841 888 928 937 999 1047 1104 1158 1192 1248 1265 1294 (a) Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.) How can the coefficient of determination be interpreted? The coefficient of determination is the fraction of the variation in average weekly wages for V that can be explained by the variation in average weekly wages for and s represented by V The remaining fraction of the variation, is unexplained and is due to other factors or to sampling error. (b) Find the standard error of estimate s, and interpret the result. Se = (Round to two decimal places as needed.) How can the standard error of estimate be interpreted? The standard error of estimate of the average weekly wage for V for V average weekly wage for is about se dollars.

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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.