Question: Feeling hungry, you decide to take a deep dive into data from your local town regarding estimated tons of oranges for each radius mile away

Feeling hungry, you decide to take a deep dive into data from your local town regarding estimated tons of oranges for each radius mile away from you (from 1 to 5). Optimistically, you believe that each radius mile has equal oranges, and craft the horizontal regression line: oranges = 4. The data you collected is as follows: [(1, 1.05), (2, 2.93), (3, 5.35), (4, 7.7), (5, 8.71)] where each data point corresponds to (Radius miles away, Tons of oranges). How far off is the regression line that you have devised? In other words, what is the Residual Sum of Squares (RSS) associated with your horizontal regression line? Enter your answer to ONE decimal place.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!