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Question

Using the "Metals" data, construct a correlation matrix of the six independent variables. The response variable is Price/lb. (a) Identify any pairs of independent variables that have a significant pairwise correlation. (b) Using MegaStat or MINITAB, run the regression with all six predictor variables, calculating the VIF for each predictor. (c) Did you see any cause for concern based on the VIF values? Why or why not?

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 10(a) For this exercise, we are to identify pairs of independent variables that have a significant pairwise correlation. Before accomplishing such task, we must construct a correlation matrix.

*What is a correlation matrix?*

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