The 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=1.541x−126.639. Complete parts (a) and (b) below. Average Weekly Wages (state), x 746 768 792 820 842 886 916 947 Average Weekly Wages (federal), y 991 1041 1116 1149 1203 1258 1284 1298 (a) Find the coefficient of determination and interpret the result. r2= (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? (b) Find the standard error of estimate se and interpret the result. How can the standard error of estimate be interpreted?
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.
|
Average Weekly Wages (state), x
|
746
|
768
|
792
|
820
|
842
|
886
|
916
|
947
|
|
|---|---|---|---|---|---|---|---|---|---|
|
Average Weekly Wages (federal), y
|
991
|
1041
|
1116
|
1149
|
1203
|
1258
|
1284
|
1298
|
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