Question: (a) Using the data in FOREST.XLS (see Exercise 4.1) run a regression of Y on X and obtain the residuals. How would you interpret the

(a) Using the data in FOREST.XLS (see Exercise 4.1) run a regression of Y on X and obtain the residuals. How would you interpret the residuals? Are there any outliers?

(b) Repeat question

(a) for the other variables, W and Z, in this data set.

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