question archive Describe 2 statistical techniques to research economic data, while studying the property market
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Describe 2 statistical techniques to research economic data, while studying the property market.
One of the statistical techniques used to research economic data while studying the property market is regression analysis. Regression analysis is a statistical method that is used to examine the impact of a specific attribute of a house on the average cost in the market. In simpler terms, regression is used to determine the impact of an independent variable on the dependent variables.
Another statistical technique that is used to research economic, while studying the property market is correlational analysis. The correlational analysis is a statistical method that is used to examine the relationship between two variables that are connected. In the property market, for example, the number of windows in a house is connected to the number of rooms. In simpler terms, correction analysis is used to measure the linear association between variables.