Regression analysis is used to determine the relationship between two variables. The coefficient of determination, or R², measures the percentage of variation in one variable that can be explained by another. It's a measure of how well the regression line fits the data points.
The value of R² ranges from 0 to 1, with 1 representing a perfect fit and 0 indicating no linear relationship between x and y. A value greater than 0.7 is generally considered good; 0.9 indicates an excellent fit; and 1 or more is impossible because there would be no remaining variation in x that could be predicted from y.
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