Final answer:
To study the relationship between two variables, identify the independent and dependent variables, draw a scatter plot, calculate the least-squares line, find the correlation coefficient, and use the line to make predictions while assessing the fit and outliers.
Step-by-step explanation:
To explore the relationship between two variables, first determine the independent variable and the dependent variable. Typically, the independent variable is the one you think might influence the other, while the dependent variable is the one that is affected. Next, you would draw a scatter plot to visually inspect the relationship between the two variables. By looking at the scatter plot, you can surmise whether there is an apparent relationship.
After this, you would calculate the least-squares line, sometimes referred to as the line of best fit, and express it in the form ý = a + bx. This equation helps us to predict the value of the dependent variable based on the value of the independent variable. Following the line calculation, you should find the correlation coefficient, which measures the strength and direction of the linear relationship between the two variables. A significant correlation coefficient suggests that as one variable increases or decreases, the other does so as well in a predictable pattern.
Once the line of best fit is established, you can use it to make predictions for given values of the independent variable. Finally, assessing the fit of the data to the line and checking for outliers is crucial. Outliers can distort the relationship and may need special consideration. The slope of the least-squares line has a specific interpretation: it represents the expected change in the dependent variable for each one-unit change in the independent variable.