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Explore the significance of the correlation coefficient in statistics, how it reflects relationships between variables, and the concept of linear regression. Learn about interpreting the correlation value, determining fit accuracy, and its application in data analysis.
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Correlation coefficient n is the number of points r = 1 for a perfect fit and a positive slope. r = -1 for a perfect fit and a negative slope. r = 0 for no correlation between x and y. Using r2 and comparing it to 1 is a more usual convention. Chapter 4.3: Linear Regression