The Measure of Accuracy of Prediction in Linear Regression Is

question 14

Multiple Choice

The measure of accuracy of prediction in linear regression is provided by the.

• A)standard deviation of Y '
• B)standard deviation of Y - Y values
• C)standard error of estimate
• D)standard error of the mean

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Definitions:

Perfectly Elastic

A situation in demand or supply where the quantity demanded or supplied changes infinitely in response to any change in price.

Perfectly Inelastic

Describes a market scenario where the demand or supply for a product remains unchanged even when the price changes.

Elasticity

A measure of how much the quantity demanded or supplied of a good or service changes in response to a change in its price.

Becomes More Elastic

Describes a situation where a product or service's demand or supply becomes more sensitive to changes in price.