I'm trying to see what my scatter plot mean

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I am doing x and y variables on a scatter plot, and I need to know if my regression equation was y=80.5x-89.533 with a R2 value of 0.7016, and a R value of 0.8376, what does this mean? 

Jun 14th, 2015

Thank you for the opportunity to help you with your question!

Thank you for the opportunity to help you with your question!

A scatter plot can suggest various kinds of correlations between variables with a certain confidence interval. For example, weight and height, weight would be on x axis and height would be on the y axis. Correlations may be positive (rising), negative (falling), or null (uncorrelated). If the pattern of dots slopes from lower left to upper right, it suggests a positive correlation between the variables being studied. If the pattern of dots slopes from upper left to lower right, it suggests a negative correlation. A line of best fit (alternatively called 'trendline') can be drawn in order to study the correlation between the variables. An equation for the correlation between the variables can be determined by established best-fit procedures. For a linear correlation, the best-fit procedure is known as linear regression and is guaranteed to generate a correct solution in a finite time. No universal best-fit procedure is guaranteed to generate a correct solution for arbitrary relationships. A scatter plot is also very useful when we wish to see how two comparable data sets agree with each other. In this case, an identity line, i.e., a y=x line, or an 1:1 line, is often drawn as a reference. The more the two data sets agree, the more the scatters tend to concentrate in the vicinity of the identity line; if the two data sets are numerically identical, the scatters fall on the identity line exactly.

There the value of R2 and R are exchanged in the equation

Please let me know if you need any clarification. I'm always happy to answer your questions.Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 14th, 2015

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