ECO220Y1 Chapter Notes - Chapter 6: Cartesian Coordinate System, Scatter Plot, Standard Deviation
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ECO220Y1 Full Course Notes
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Scatterplot plots one quantitative variable against another (best way to see relationships (or association) bw 2 quantitative variables) Direction: -if it rises to the right it is positive. Outlier: stands away from the overall pattern (sometimes accurate to dismiss them) (ie) if there is something exceptional about them (bill gates-income) However, you may see entire clusters/subgroups standing away from rest of data. Scatterplots are traced back to rene descartes cartesian plane. Bivariate analysis: we are now investigating 2 variables. One variable plays the role of explanatory variable(x-axis), while the other is the response variable (y-axis) Idea that the y-variable depends on the x-variable and the x acts indep. To standardize values*, we subtract the mean of each variable and then divide by its standard deviation: Resulting scatterplot looks roughly the same (now @ the origin) Means of both variables are = to 0 now -this takes away the units scales are standardized.
