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)
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.
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)
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 ...
The solution discusses the key concepts in regression analysis. Examples from the experts personal and work life are examined.