I figured out how to calculate a. b. and c. however, I don't know how to interpret the coefficient of determination(the second part of c). Can anyone help? Thanks in advance.
I figured out how to calculate a. b. and c. however, I don't know how to interpret the coefficient of determination(the second part of c). Can anyone help? Thanks in advance.
gives the variation of explained by the linear regression model. So in 1c, of the variation in the net worth is explained by the linear regression model. Similarly, in 2c, of the variation in the salary is explained by the linear regression model.
Thanks, this is exactly what I needed to know: gives the variation of explained by the linear regression model. Something close to this was in my notes but I couldn't get my brain around it.