Why Is an Error Term Included in the Estimated Sample

question 10

Essay

Why is an error term included in the estimated sample regression function? What factors does this term include? Explain.

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Definitions:

Asuka Period

The Asuka Period (538-710 AD) was a time in Japanese history known for significant cultural, artistic, and political transformations inspired by contact with mainland Asia, including the adoption of Buddhism.

Tale of Genji

A classic work of Japanese literature written in the early 11th century by Murasaki Shikibu, detailing the life and loves of the nobleman Genji.

Gu Kaizhi's Admonitions

Refers to "Admonitions of the Instructress to the Court Ladies," a famous Chinese scroll painting by the artist Gu Kaizhi, illustrating a moralistic tale.

Phoenix Hall

The main building of Byōdō-in, a historic Buddhist temple in Uji, Japan, known for its Phoenix-like architecture.