The least-squares regression equation is y=728.0x+14,705 where y is the median income and x is the percentage of 25 years and older with at least a bachelor's degree in the region. The scatter diagram indicates a linear relation between the two variables with a correlation coefficient of 0.8165. For every dollar increase in median income, the percent of adults having at least a bachelor's degree is ___%, on average. For a median income of $0, the percent of adults with a bachelor's degree is ____%.
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.
The least-squares regression equation is y=728.0x+14,705 where y is the median income and x is the percentage of 25 years and older with at least a bachelor's degree in the region. The
For every dollar increase in median income, the percent of adults having at least a bachelor's degree is ___%, on average.
For a median income of $0, the percent of adults with a bachelor's degree is ____%.
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