In a short essay, discuss the characteristics and uses of a scatter diagram. Include a discussion of the least-squares procedure to support your answer
What will be an ideal response?
A scatter diagram, or scattergram, is a plot of the values of two variables for all the cases or observations. It is customary to plot the dependent variable on the vertical axis and the independent variable on the horizontal axis. A scatter diagram is useful for determining the form of the relationship between the variables. A scatter plot can alter the researcher to any patterns or problems in the data. Any unusual combinations of the two variables can be easily identified. The most commonly used technique for fitting a straight line to a scattergram is the least-squares procedure. This technique determines the best-fitting line by minimizing the vertical distances of all the points from the line. The best fitting line is called the regression line. Any point that does not fall on the regression line is not fully accounted for. The vertical distance from the point to the line is the error.
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Acme was a petroleum wholesaler who supplied heating oil to retail oil companies. When oil producing countries make enough oil available to meet world needs, but increase the base price from $70 a barrel to $700 a barrel. Acme will be out of business if it sells to its customers at their contract price. What is Acme's best defense to breach of contract claims if it increases the costs to the retailers?
a. Economic duress b. Commercial impracticability c. Objective impossibility d. Commercial frustration
When using constant sum scales, if respondents allocate more points than those allotted, the researcher must modify such data in some way or eliminate the respondent from analysis
Indicate whether the statement is true or false