LINEAR CORRELATION COEFFICIENT Elementary Statistics: Linear Correlation Coeffic

Question

LINEAR CORRELATION COEFFICIENT

Elementary Statistics: Linear Correlation Coefficient I have used a statistical package to get this graph and estimates now I need help with this: Interpret the meaning of the slope of the LSR line. Based on the equation of LSR line, what is the "best predicted" value for the NYC Annual Averag e Temperature for 2013? How accurate is the prediction? Can we use this LSR line equation to predict the Annual Average Temperatures for the future? Ex plain. Find the equation for the least squares regression (LSR) line: y = 23.22 + 0.02 Sydney parameter estimates: ParameterEstimate Intercept Slope Std. Err. Alternative DFT-Stat P-value t0 143 7.9702341

Explanation / Answer

(a) The slope of the LSR line is 0.0246. This means for evry 1 unit of change in the independent variable (year), there would be 0.0246 unit of change in the dependent variable (Sydtemp).

(b) The LSR equation is: Sydtemp = 23.219157 + 0.024678791 x year

For the year 2013, Sydtemp =  23.219157 + 0.024678791 x 2013 = 72.89756

The estimate of error standard deviation is given as 0.7563

(c) The LSR equation can be used to predict future Annual Average Temperature by replacing the independent variable (year) with the actual year for which the prediction is required.

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