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Correlation, Causation, Independent Variables, Least Squares

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DQ1:

a) Does correlation equal causation? Does the strength of correlation depend on the direction? What is the meaning of a zero correlation? Explain your answers.

DQ2:

a) What is the difference between an independent and a dependent variable? What is a bivariate or simple regression model? Does a regression model imply causation? Why or why not?

b) Explain the logic of the ordinary least Square (OLS) method? How are the least squares formulas for the slope and intercept derived?

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Regression : key information

1. List one unclear concept regarding regression and provide an example from your personal or work life where regression could be used to show a relationship between two variables.

2. Correlation does not equal causation. That is very important to understand when interpreting regression. Can anyone elaborate for me?(100+ words please)

(ii) One should never use a regression line to predict the dependent response variable when the independent value is outside of the data range of the original data set that was used to fit the line. Explain why.(100+ words Please)

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