According to US census data, the mean income receved by the middle fifth of all households from 2014-2019 is given below. Before calculating the linear regression, drag a red slash over each year and type the number you should type into your calculator in the gray boxes. The first examples are completed for you. t! Year Mean Income ($) 2014 $54,041 1 2015 $56,832 2016 $59,149 Drag it 2017 $61,564 2018 $63,572 2019 $68,938
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.
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