Multiple Choice
In the scenario described in Question 9, if the residual (ei) is -3.5 for a particular house, it means that
A) the regression function overestimates the selling price by $3,500.
B) the regression function underestimates the selling price by $3,500.
C) the selling price is estimated to be 3.5 standard deviations below the average price.
D) the regression function is not valid because the prediction is erroneous.
Correct Answer:
Verified
Correct Answer:
Verified
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