Question: Find a bivariate data set relating to your work or business interests on the Internet, in a newspaper, or in a magazine, with a sample size of n¼15 or more.
a. Give your choice of dependent variable (Y) and independent variable (X) and briefly explain your reasons.
b. Draw a scatterplot and comment on the relationship.
c. Compute the correlation coefficient and briefly interpret it.
d. Square the correlation coefficient and briefly interpret it.
e. Compute the least-squares regression equation and draw the line on a scatterplot of your data.
f. For two elementary units in your data set, compute predicted values for Y and residuals.
g. Find a confidence interval for the slope coefficient.
h. Test whether or not anything is being explained by your regression equation.
i. Choose a value of X. Find the expected value of Y for this X. Find the confidence interval for the Y value of an individual with this X value. Find the confidence interval for the population mean Y value for individuals with this X value. Summarize and interpret these results.
j. Comment on what you have learned by applying correlation and regression analysis to your data set.