ECO220Y1 Chapter Notes - Chapter 6: Scatter Plot
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ECO220Y1 Full Course Notes
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Association: direction: a positive direction or association means that, in general, as one variable increases, so does the other. Outliers can lead us to probe further to understand our data more clearly. Bivariate analysis: statistical analysis of two variables at the same time, as in our calculation of the correlation coefficient and plotting of scatter diagrams. Explanatory (predictor/independent) variable: the variable that accounts for, explains, predicts, or is otherwise responsible for the y-variable: it is the x-axis variable. Response (dependent) variable: the variable that the scatterplot is meant to explain or predict: it is the y-axis variable. Changing the units of either axis will not change the direction, form, and strength of the scatterplot. The variables can be standardized for simplicity"s sake. By standardizing the values, the scales on both the x-axis and y-axis will be equal: equal scaling gives a neutral way of drawing the scatterplot and a fairer impression of the strength of the association.
