STAT151 Chapter Notes - Chapter 7-8: Standard Deviation, Dependent And Independent Variables, Summary Statistics
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STAT151 Full Course Notes
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To fit a straight line through the data so that we can predict values of the response at specified values of x. Y intercept y = bo + b1x bo = the b1 = the slope x = t he value of . *the slope is the amount by which y changes when x increases by 1. *the b"s are called the coefficients of the linear model. The line of best fit/least squares regression line . Gives an estimate (predicted response) for y given the value of x. Error of prediction/deviation/residuals line residual = observed - predicted = y1 - 1. The best fitted line is the one that minimizes the sum of the squared residuals between. Conclusion: data points and the line itself. min (residuals)^2 - min (y1- 1)^2. Minimize the sum by choosing the appropriate parameters bo and b1.