Hourly Wage ($)
Sketch a scatterplot showing the association between the wage and the years of experience. Describe the association.
Create a scatterplot with the
-axis labeled "Experience (years)" and the y-axis labeled "Hourly Wage ($)."
Sketch the residual plot. Is a linear model appropriate?
What is the correlation coefficient? What does it tell you?
Remember that the correlation coefficient,
, is a measure of how much or how little the data is scattered around the LSRL.