Consider the following sample data: a. Construct a scatter plot for the data. b. It is possible

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Consider the following sample data:
Consider the following sample data:
a. Construct a scatter plot for

a. Construct a scatter plot for the data.
b. It is possible to find many lines for which ˆ‘(y - ) = 0. For this reason, the criterion ˆ‘(y - ) = 0 is not used for identifying the "best-fitting" straight line. Find two lines that have ˆ‘(y - ) = 0.
c. Find the least squares line.
d. Compare the value of SSE for the least squares line to that of the two lines you found in part b. What principle of least squares is demonstrated by this comparison?

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Statistics For Business And Economics

ISBN: 9780321826237

12th Edition

Authors: James T. McClave, P. George Benson, Terry T Sincich

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