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The regression line should be drawn on the scatter diagram in such a way that when the squared values of the vertical distance from each plotted point to the line are added, the total amount will be the smallest possible amount. This criterion is called the Method of Least Squares.
Minimizing the sum of the squared differences of each value of Y from the regression line by the method of calculus, we arrive at two equations, called the normal equations:
Solving these equations simultaneously, and using equivalent expressions for and , we obtain the following formulae used to calculate the coefficients a and b in the regression line = = a + bX
E(Y|X = x) = a + bx
There are two types of drivers, high-risk drivers with an accident probability of 2=3 and low risk drivers with an accident probability of 1=3. In case of an accident the driver su
Make a decision about the given claim. Do not use any formal procedures and exact calculation. Use only the rare event rule. Claim: A coin favors head when tossed, and there
Characteristics of Index Number On the analysis of various definitions of index number the following may be its characteristics: 1. Expressed in Number : Index number
Regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual
Two individuals, player 1 and player 2, are competing in an auction to obtain a valuable object. Each player bids in a sealed envelope, without knowing the bid of the other player
Mathematical Properties The sum of deviations of the items from the arithmetic mean (taking signs into account) is always zero, i.e. = 0. The sum of
objective of the testing stochastic regression
Construct index numbers of price for the following data by applying: i) Laspeyre’s method ii) Paasche’s method iii) Fisher’s Ideal Index number
12 shoppings in nairobi 38/week
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