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A researcher uses a regression equation to predict electric bill costs (in dollars) based on the age of the home (in years). The correlation between predicted electric bills and age of the home is 0.60. How should this finding be interpreted?

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Answer:

36% of the variability in electric bills can be explained by the age of home

Explanation:

Given:

  • The correlation = 0.6

The coefficient of determination measures the proportion of variation in the dependent variable that is predictable from the independent variable.

The coefficient of determination is equal to [tex]R^{2}[/tex];

In this situation we have the correlation = 0.6 , hence our coefficient is [tex]0.6^{2}[/tex] or 0.36. Therefore, 36% of the variability in electric bills can be explained by the age of home

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