Regression : key information
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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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Solution Summary
The solution discusses the key concepts in regression analysis. Examples from the experts personal and work life are examined.
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Question No.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.
Solution:
Regression analysis will show us how to determine both the nature and the strength of a relationship between variables.
I have considered my own data to show a relationship between two variables.
Assessed Price (000) Size (Sq. Ft)
1796 4790
1544 4720
2094 5940
1968 5720
1567 3660
1878 5000
949 2990
910 2610
1774 5650
1187 3570
1113 2930
671 1280
1678 4880
710 1620
678 1820
By using least square method, the estimated regression line is y = 173.46 + 0.313 X
On substituting different values of X we can estimate the Y-value. When we substitute higher values ...
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