Line of Best Fit
A line of best fit, also referred to as a regression line, is a straight line drawn through a scatterplot that best represents the overall trend of the data points. It provides a visual summary of the relationship and correlation between the two quantitative variables being plotted.
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Economics
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Introduction to Macroeconomics Course
Ch.5 Macroeconomic policy: Inflation and unemployment - The Economy 2.0 Macroeconomics @ CORE Econ
The Economy 2.0 Macroeconomics @ CORE Econ
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Research Methods in Psychology - 4th American Edition @ KPU
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Figure 5.1: Inflation and US Presidential Election Outcomes (1912–2020)
Factors Moderating the Political Impact of Inflation
Evaluating Political Strategy in an Inflationary Environment
A developed nation with a stable two-party system is heading into a general election. For the past four years, the incumbent party has overseen a period of steady economic growth and low unemployment. However, in the nine months leading up to the election, a sudden and unexpected surge in inflation has caused the cost of living to rise sharply, leading to widespread public discontent. Based on the typical relationship between economic conditions and voting patterns, what is the most probable impact on the election?
Electoral Forecast Analysis
The principle that high inflation negatively affects the electoral success of an incumbent party is an absolute rule, consistently observed without exception in all political and economic contexts.
Correlation
Economic Uncertainty from Unexpected Inflation
Line of Best Fit
Line of Best Fit
Visual Example of Positive Correlation: Height and Weight
Visual Example of Negative Correlation: Tiredness and Sleep
Visual Example of No Correlation: Sleep and Shoe Size
Example of Scatterplots for Pearson's r Values
Formatting Axes for Conceptually Similar Variables
Displaying Overlapping Points in Scatterplots
Example of an APA-Style Scatterplot
What is the primary purpose of using a scatterplot in psychological research?
Learn After
Figure 5.1: Inflation and US Presidential Election Outcomes (1912–2020)
An economist creates a scatterplot to examine the relationship between the average number of hours a person works per week (on the x-axis) and their self-reported happiness score from 1 to 10 (on the y-axis). After plotting the data from a large survey, a line of best fit is calculated and drawn. This line starts high on the left side of the graph and slopes downwards to the right. Based only on this line of best fit, what is the most reasonable interpretation of the relationship between the two variables?
Evaluating a Conclusion from a Scatterplot
An economist is studying the relationship between a country's average tariff rate (the tax on imported goods) and its gross domestic product (GDP) per capita. They create a scatterplot with the tariff rate on the x-axis and GDP per capita on the y-axis. The resulting line of best fit starts high on the left side of the graph and slopes downwards to the right. Which of the following statements is the most accurate analysis of the relationship shown by this line?
Interpreting a Scatterplot of Education and Income
What is the primary purpose of a line of best fit (also known as a regression line) when drawn through a scatterplot?