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What does a regression line tell us? What does the error represent? (Please type answer)

What does a regression line tell us? What does the error represent? (Please type answer)

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Regression analysis is a study of relationship between indpendent variables and dependent variable

Regression analyses involve adding a line of best fit to the data that minimizes the number of errors (or noise) in our predictions. Our regression line enables us to be able to predict Y just by knowing the value of X. Instead of capturing this value using the mean of Y

y=bo+b1x+e

bo is y intercept

b1 is slope

e=error

Ex:to predict

credit score from age we can use the regression eq below

credit score=b0+b1*age+error

error in regression represent residuals and

Error=residual=observed value of y -predicted value of y

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