Question

What is the correlation coefficient for the model that predicts the list price of all homes using population as an explanatory variable

Answer 1

Here, we are concerned about two variables from the above data set, namely, Condo or co-ops and the Unemployment rate. We use the CORREL function of Excel to calculate the correlation coefficient rate and it is = R = -0.01873.

A Weak (negative) correlation exists between the list price of condominiums and co-ops and the unemployment rate.

The correlation coefficient is a statistical measure of the strength of the connection between the relative actions of two variables. The values varied between -1.0 and 1. zero. A calculated wide variety greater than 1. zero or less than -1.zero means that there was an error within the correlation size.

The correlation coefficient is decided with the aid of dividing the covariance by way of the product of the 2 variables' popular deviations.

Correlation values above 0. eight are deemed to signify a strong tremendous linear courting between the variables. Values among zero and 0. three imply a vulnerable relationship or none.

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