Question: Why would we want to plot our residuals after estimating a regression model? Residual plots help us detect some of the common violations of the

Why would we want to plot our residuals after estimating a regression model?

  1. Residual plots help us detect some of the common violations of the assumptions of a linear regression model
  2. Residual plots help us decide if we need dummy variables in our regression equation
  3. Residual plots help us detect if we have the correct response variable
  4. Residual plots help us decide if we should remove one of the explanatory variables

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