Working with Large Data SetsIn each of Exercises, use the technology of your choice to decide whether you can reasonably apply the correlation t-test. If so, perform and interpret the required correlation t-test(s) at the 5% significance level.Acreage and Value. The data from Exercise for lot size (in acres) and assessed value (in thousands of dollars) of a sample of homes in a particular area are on theWeissStats site. Do the data provide sufficient evidence to conclude that, for homes in this particular area, lot size and assessed value are positively linearly correlated?ExerciseWorking with Large Data SetsIn Exercises, use the technology of your choice toa. obtain and interpret the standard error of the estimate.b. obtain a residual plot and a normal probability plot of the residuals.c. decide whether you can reasonably consider Assumptions 1–3 for regression inferences met by the two variables under consideration.Acreage and Value. The document Arizona Residential Property Valuation System, published by the Arizona Department of Revenue, describes how county assessors use computerized systems to value single-family residential properties for property tax purposes. On the WeissStats site are data on lot size (in acres) and assessed value (in thousands of dollars) for a sample of homes in a particular area.
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 predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Working with Large Data Sets
In each of Exercises, use the technology of your choice to decide whether you can reasonably apply the
Acreage and Value. The data from Exercise for lot size (in acres) and assessed value (in thousands of dollars) of a sample of homes in a particular area are on theWeissStats site. Do the data provide sufficient evidence to conclude that, for homes in this particular area, lot size and assessed value are
Exercise
Working with Large Data Sets
In Exercises, use the technology of your choice to
a. obtain and interpret the standard error of the estimate.
b. obtain a residual plot and a normal probability plot of the residuals.
c. decide whether you can reasonably consider Assumptions 1–3 for regression inferences met by the two variables under consideration.
Acreage and Value. The document Arizona Residential Property Valuation System, published by the Arizona Department of Revenue, describes how county assessors use computerized systems to value single-family residential properties for property tax purposes. On the WeissStats site are data on lot size (in acres) and assessed value (in thousands of dollars) for a sample of homes in a particular area.
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