A Scatter Diagram Includes the Following Data Points: Two

question 24

Essay

A scatter diagram includes the following data points: Two regression models are proposed: (1) , and (2) . Using the least squares method, which of these regression models provides the better fit to the data? Why?

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Definitions:

Merchants

Individuals or entities engaged in the business of buying and selling goods for profit, often with expertise in the trade of specific types of goods.

Higher Standard

A level of quality or attainment that is above the ordinary or expected.

Nonmerchants

Individuals or entities that do not engage in buying, selling, or dealing in goods as their regular business activity.

Unconscionable Contract

An agreement that is so unfairly one-sided that it is deemed unenforceable under the law.