Asked by Shruti Sharma on Sep 24, 2024
A scatter diagram reveals a strong positive linear relationship between oil and gasoline prices.Which of the following numerical techniques will not give us more detailed information about this relationship?
A) Coefficient of determination
B) Coefficient of correlation
C) Coefficient of variation.
D) All of these choices help us describe this relationship.
Coefficient Of Determination
A measure used in statistical analysis that assesses how well a model explains and predicts future outcomes, often represented by R^2.
Coefficient Of Correlation
A measure that quantifies the degree of linear relationship between two variables, ranging from -1 to 1.
- Comprehend the significance and function of the coefficient of determination within the context of regression analysis.
- Grasp the significance of the correlation coefficient in indicating the intensity and orientation of linear correlations.
Learning Objectives
- Comprehend the significance and function of the coefficient of determination within the context of regression analysis.
- Grasp the significance of the correlation coefficient in indicating the intensity and orientation of linear correlations.
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