# Linear regression and correlation

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This module provides an introduction of Linear Regression and Correlation as a part of Collaborative Statistics collection (col10522) by Barbara Illowsky and Susan Dean.

## Student learning outcomes

By the end of this chapter, the student should be able to:

• Discuss basic ideas of linear regression and correlation.
• Create and interpret a line of best fit.
• Calculate and interpret the correlation coefficient.
• Calculate and interpret outliers.

## Introduction

Professionals often want to know how two or more numeric variables are related. For example, is there a relationship between the grade on the second math exam a student takes and thegrade on the final exam? If there is a relationship, what is it and how strong is the relationship?

In another example, your income may be determined by your education, your profession, your years of experience, and your ability. The amount you pay a repair person for labor isoften determined by an initial amount plus an hourly fee. These are all examples in which regression can be used.

The type of data described in the examples is bivariate data - "bi" for two variables. In reality, statisticians use multivariate data, meaning many variables.

In this chapter, you will be studying the simplest form of regression, "linear regression" with one independent variable ( $x$ ). This involves data that fits a line in two dimensions. You will also study correlation which measures how strong the relationship is.

how did Mc connel defined economics
what is a economy planning?
what is demand
demand means desire for a commodity backed by willingness & ability to pay for that commodity
Rajesh
what is supply
Akoheni
supply means suppliers supplying more commodities when price's high or less when price's low to satisfy human want
Prince
the coefficient of price elasticity of supply is the measure of percentage change in the quantity supplied of a good due to a given percentage change in its price.
Khushiba
Please what is Economics of Scales?
Prince
what is cardinal and ordinal utility?
Khushiba
Cardinal utility is the satisfaction derived by the consumers from the consumption of goods and services while ordinal is ranked in terms of preference.
Grace
👍
Khushiba
Please explain what is meant by Economic Integration?
Prince
Prince
economics scales I don't know but I know laws of returns to scale
Khushiba
hello
TIMAH
hello
Khushiba
can someone help explain to me what is fairly inelastic dd
TIMAH
Economics Economics - The study of how people use their limited resources to try to satisfy unlimited wants
Abdullah
Economic integration has been one of the main economic developments affecting international trade in the last years. Countries have wanted to engage in economic cooperation to use their respective resources more effectively and to provide large markets for member-countries of the resulting integrate
Abdullah
Inelastic Demand When consumers are relatively unresponsive to price changes. A PED coefficient of less than one means that a particular change in the price of a good will be met by a proportionally smaller change in the quantity demanded.
Abdullah
what is development planning?
What is economics?
economics is study of scarcity and how humans make decisions.
reason for development planning in West Africa
Emmanuel
what is development planning?
Emmanuel
What is homo Economicus?
when a person is part 50% rational and the other part of him is 50% focused on money as an incentive
Yahir
what makes the economy to be stable
what measures are necessary to the economy which is not doing fine
BELDON
must find out the problems originating from and take remedy for it.
Rigved
Economics as a social science Discuss
Sire
list and explain three implication of balance of payment disequilibrium
In economics pollution, what's spillover?
what is net national income
more explanation on GDP
it is a country total out put of goods and services divided by the total population of the country.I think it can also be derived from the country labour force,,because it mostly depend on the labour force and the level of technology .
Tantoh
labour force and technological progress leads to greater production increases the GDP
Ahmed
what is elasticity of demand
Jessica
degree of responsiveness of demand to changes in price and other factors that influence demand.
OBIAJULUM
It is the degree of responsiveness of demand and supply to a little change in price of a goods and services
Ibrahim
What is economics?
by this time
Emmanuel
It is a social science that analyses production,distribution and consumption of goods and services
Emmanuel
A social science that study human behavior in relationship with decision making
Jessica
a social science that studies human behavior as a relationship between ends and scarce means which has alternative uses
Charllote
it is a science that study human begin as a relation to ends and scarce should which have alternative uses
Ibrahim
the science in which we study about the investement of our wealth.
Atteq
what is competitive demand
joe
a competitive demand is also known as substitute demand .the moment the price of the commodity increase consumers will purchase the other other commodity which it's price is low and the vice versa. an example is milo and bournvita
Yussif
what is different between equilibrium and demand?
Moses
equilibrium is a situation where market is stable there is no entry nor exit. demand is the willingness to pay Which is backed by law.
Yussif
list and explain three implication of balance of payment disequilibrium?
Jayson
Economics is a social science that study's human behaviour as a relationship between ends and scares means which have alternative uses
Patrick
What are the typical patterns of GDP for a high-income economy like the United States in the long run and the short run?
What are the limitation and significant of macroeconomic
1 It is estimated that 30% of all drivers have some kind of medical aid in South Africa. What is the probability that in a sample of 10 drivers: 3.1.1 Exactly 4 will have a medical aid. (8) 3.1.2 At least 2 will have a medical aid. (8) 3.1.3 More than 9 will have a medical aid.