Median household income for African Americans in one region increased in recent years, as shown in the data table. Write an equation for median household income and find approximate income for 1999. Median Household Income for African Americans |1993 1994 1995 Year Household Income 1996 1997 $21,730522,385523,463 524,738 $25.280 Letting x= 3 represent 1993, what is the least-squares regression line that models the data? y x+O (Type integers or decimals rounded to the nearest tenth as needed.) If the trend continued, what would be the approximate income in 1999? The approximate income was S
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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