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Relationship between coefficient of determination and correlation coefficient in simple linear regression
The correlation coefficient, \(r\), quantifies the strength of the linear relationship between two variables, \(x\) and \(y\), similar to the way the least squares slope, \(b_1\), does. This means that the value of \(r\) always falls between \(\pm 1\), regardless of the units used for \(x\) and \(y\). Lets say you are performing a regression […]