Testing for Regression Assumptions

Exploratory Analysis

The objective in this first section is to conduct an exploratory analysis with purpose of assessing basic distributional properties of the variables being analyzed and spotting possible outliers in the dataset. Extreme outliers need to be identified and possibly removed because otherwise the results of the inferential analysis could be rendered useless.

The scale variables that will be analyzed in this paper is EDUC (HIGHEST YEAR OF SCHOOL COMPLETED) and FINRELA (OPINION OF FAMILY INCOME). The first step is to get some basic descriptive statistics, which are shown below in Table 1.

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