Explain the elements of a regression equation for a simple linear regression: Y=b+mx. Why are regression...

Question

Question

Explain the elements of a regression equation for a simple linear regression: Y=b+mx. Why are regression analysis useful? Give an example.

math Statistics-And-Probability

Answer 1

Answer #1

Solution :

Y = b + mx

Where ,

b = y-intercept

m = slope

x = x - coordinate

Uses of regression analysis :

Example : Prediction and forecasting

Casual relationship between independent and dependent variable .

Helps to understand which among the independent variable are related to the dependent variable

Answer 2

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