regression questions

What is the correlation coefficient and what is its significance? Explain why correlation coefficient is bound between -1 and 1. How correlation coefficient depicts itself in scatterplots?

● Aside from probabilistic models, explain what is least squares line fitting.

● Explain what simple linear regression is. What are the underlying assumptions in simple linear regression? What hypothesis tests are inherent in a simple linear regression? What is the coefficient of determination and what is its significance? How prediction can be done using a linear regression model? What is a simple way to check for normality of residuals in a regression model? Can you explain why the least squares approach in linear regression provides unbiased estimators of the coefficients?

 

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