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i. In order to visualize the form of the regression equation, we can draw a scatter diagram.
ii. In regression analysis, the predicted value of Y' rarely agrees exactly with the actual Y value, i.e.,
We expect some prediction error.
iii. The technique used to measure the strength of the relationship between two sets of variables
Using the coefficient of correlation and the coefficient of determination is called regression analysis.
Ration Goods
Products that are distributed in limited quantities, often through a system of rationing, due to shortages or wartime conditions.
Efficient
In economics, describing an allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.
Price Controls
Government interventions to regulate the maximum or minimum prices of certain commodities or services, aiming to prevent market imbalances.
Market Price
The existing rate at which an asset or service is available for buying or selling in a competitive environment.
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