In a Short Essay,discuss the Characteristics and Uses of a Scatter

question 66

Essay

In a short essay,discuss the characteristics and uses of a scatter diagram.Include a discussion of the least-squares procedure to support your answer.

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Definitions:

Hourly Wages

The amount of earnings paid to an employee for each hour worked.

Fringe Benefits

Additional benefits, beyond a salary, offered to employees, such as health insurance, retirement plans, and paid time off.

Minimum Wage

The lowest remuneration that employers can legally pay their workers—the rate may be set by national government or by a state or local government.

Substitution Effect

The change in consumption patterns due to a change in the prices of goods, leading consumers to replace more expensive items with less costly alternatives.