Hello, i have a scatter plot i've drawn, Y axis is Years of post secondary study ( eg, uni or tafe etc) and X is yearly income. I'm come to a conclusion that the two variables seem to have a relationship with each other, with X being dependant on Y, the more years of post secondary study seems to increase yearly income. With the exception of a few outliers.
Could someone have a look and give me their opionion on it? Need to write a justifiable response to the scatter plot so opinions would be nice to cross reference with mine. Thank you.
http://imgur.com/lKllIcE
+33661 Your conclusion is probably correct, but you should generate a better graph, as Dragonlance suggested. If you provide the basic data, perhaps some kind soul on the website here will do it for you.
Also, it is usual to plot the independent variable (years of postgrad study) on the x-axis, and the dependent variable (yearly income) on the y-axis.
.
+1316 OK just last week I started reading how to do this kind of thing. This means I not know a lot about it. But I do know for this you need a Least Squares formula. I not sure which one is the best to use. Probably the basic one is ok. One of the mods can help you with that.
You should type in the data points then it is easy to put it in a Excel spread sheet or some other program to test the different formulas.
I can tell you why the outliers are there. Itis because some people spend 10 years studying advanced basket weaving or advanced p*g greasing, and there is not a great demand for those skills. You can use that as an opinion. I might major in corn shucking, if I do then I will minor in corn cobbing. hahaha
+33661 Your conclusion is probably correct, but you should generate a better graph, as Dragonlance suggested. If you provide the basic data, perhaps some kind soul on the website here will do it for you.
Also, it is usual to plot the independent variable (years of postgrad study) on the x-axis, and the dependent variable (yearly income) on the y-axis.
.
