Using the following regression output determine the cost of rent in New York City if the square footage is 500 sqft? SUMMARY OUTPUT Regression Statistics Multiple R 0.944744 R Square 0.892542 Adjusted R Square 0.889714 Standard Error 580.9854 Observations 40 ANOVA df Regression 1 Residual 38 Total 39 Coefficients Intercept 1230.242 Square Feet 6.666983 Group of answer choices $447.22 $4,563.73 $1,811.23 $1,053.36
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.
Using the following regression output determine the cost of rent in New York City if the square footage is 500 sqft?
|
SUMMARY OUTPUT |
|
|
Regression Statistics |
|
|
Multiple R |
0.944744 |
|
R Square |
0.892542 |
|
Adjusted R Square |
0.889714 |
|
Standard Error |
580.9854 |
|
Observations |
40 |
|
ANOVA |
|
|
|
df |
|
Regression |
1 |
|
Residual |
38 |
|
Total |
39 |
|
|
Coefficients |
|
Intercept |
1230.242 |
|
Square Feet |
6.666983 |
Group of answer choices
$447.22
$4,563.73
$1,811.23
$1,053.36
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