Introduction to Statistics and Data Analysis

5th Edition

ISBN: 9781305445963

Author: PECK

Publisher: Cengage

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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 p…

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Textbook Question

Chapter 5.2, Problem 24E

The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared in the paper “Using Multiple Regression Analysis in Real Estate Appraisal” (Appraisal Journal [2002]: 424–430):

Chapter 5.2, Problem 24E, The following data on sale price, size, and land-to-building ratio for 10 large industrial

a. Calculate and interpret the value of the correlation coefficient between sale price and size.
b. Calculate and interpret the value of the correlation coefficient between sale price and land-to-building ratio.
c. If you wanted to predict sale price and you could use either size or land-to-building ratio as the basis for making predictions, which would you use? Explain.
d. Based on your choice in Part (c), find the equation of the least-squares line you would use for predicting y = sale price.

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Chapter 5 Solutions

Introduction to Statistics and Data Analysis

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Solution Summary: The author calculates the correlation coefficient between sale price and size using the MINITAB software.

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