what are the limitations of accuracy when using the best fit line compared to equation of the least squares regression line to make predictions
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- What is meant when a statistician talks about getting a "best fit" least squares regression line (hint: what is the mathematical relationship behind this?)Explain the Two stage Least Square estimator in the general IV regression model?Identify two different conditions under which the regression line should not be used to make predictions.
- What is the least squares regression line . and what are the least squares point estimates ?Why is it dangerous to extrapolate outside the experimental region?What are the Assumptions of Extended Least Squares in the Multiple Regression Model?What does it mean for a regression line to be the "best-fit" line.
- What are the different ways to reduce the error in least square regression?The most common methods used to ‘fit’ a straight line to a dataset with a continuous outcome and predictor variables is called the least squares regression method. True False1. What is the equation of the least squares regression line for predicting their weights from their heights? 2. I'm 35 inches tall. Predict my weight. 3. What percent of all preschoolers are shorter than me?