Compute the Sum of Squared Residuals
-The Regression Line for the Given

question 52

Multiple Choice

Compute the Sum of Squared Residuals
-The regression line for the given data is $\hat { y } = 6.91 x + 46.26$ . Determine the residual of a data point for which $x = 3$ and $\mathrm { y } = 61$ .
$\begin{array}{l|c|c|c|c|c|c|c|c|c|}\text { Number of years, } \mathrm{x} & 3 & 4 & 4 & 5 & 3 & 6 & 2 & 7 & 3 \\\hline \text { Grades on test, } \mathrm{y} & 61 & 68 & 75 & 82 & 73 & 90 & 58 & 93 & 72\end{array}$

• A) \(- 5.99\)
• B) \(127.99\)
• C) \(66.99\)
• D) \(- 464.77\)

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Definitions:

Marginal Revenue

The additional income that is gained from selling one more unit of a product or service.

Price Change

A modification in the selling price of goods or services over a period.

Total Cost

The aggregate financial sum incurred by a firm in the production of goods or services, including both fixed and variable costs.

Average Cost

The total cost of production divided by the quantity of output produced, reflecting the cost per unit of output.