Quiz 5-Exam Review
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What does the least squares method minimize?
Sum of Squared Error
The y-intercept (b0) represents the
predicted value of Y when X=0.
The residuals represent
the difference between the actual Y values and the predicted Y values.
The slope (b1) represents
the estimated average change in Y per unit change in X
The coefficient of determination (r2) tells you
the proportion of total variation that is explained.