MGMT 1050 Study Guide - Midterm Guide: Scatter Plot, Dependent And Independent Variables, Standard Deviation
Document Summary
Time series data are often graphically depicted on a line chart, which is a plot of the variable over time. It is created by plotting the value of the variable on the vertical axis and the time periods on the horizontal axis. Describing the relationship between the two interval variables. Economists develop statistical techniques to describe the relationship between such variables as unemployment rates and inflation. To draw a scatter diagram, we need data for two variables. In applications where one variable depends to some degree on the other variable, we label the dependent variable, y and the other, called the independent variable, x. For example, an individual"s income depends somewhat on the number of years of education. In other cases, where no dependency is evident we label the variable arbitrarily. Like the histogram, we frequently need to describe verbally how two variables are related. The two most important characteristics are the strength and direction of linear relationship.
