What Are "Outliers" and What Effect Does Their Presence Have

question 48

Essay

What are "outliers" and what effect does their presence have when using regression analysis for cost estimation?

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Definitions:

Sunglasses

Eyewear designed to protect the eyes from the sun's harmful rays and reduce glare.

Excess Demand

An instance where the market's need for a service or product surpasses the available supply.

Equilibrium Price

The price in the market where the amount of products provided matches the amount of products wanted.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period of time.