Regression

By Anonymous -

regression: 

Welcome to this blog.


*Only concepts*


Topics

  • Concept of regression
  • types of regression
  • difference between correlation and regression
  • uses of regression
  • Conclusion (Economics concepts)

Dependent variable and independent variable

  • Dependent variable: The variables whose values are estimated or measured is called dependent variable.
  • Independent variable: refers to the basis for determining the value of other variable.
  • Example: relationship between demand and price. here price is a dependent variable because the changes in price is a 1 variable and demand is the base for measurement. hence the variable which is base for measuring other variable is independent variable and the variable which measures the value of price is dependent variable. 


Difference between regression and correlation

Regression and correlation are almost closely related concepts. both deal with measurement of relationship between 2 or more variables.

The main difference is 

  • Regression: measures the effect of 1 variable has on another. X on Y or Y on X.
  • Correlation: measures the relationship between 2 variables X and Y.

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