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The error term (residual)

  • Represents the influence of all the variable which we have not accounted for in the equation
  • It represents the difference between the actual “y” values as compared the predicted y values from the Sample Regression Line
  • Wouldn’t it be good if we were able to reduce this error term?
  • What are we trying to achieve by Sample Regression?
 

 

Our objective

 





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