The Technique Which Minimizes the Squared Vertical Distances from the Regression

question 146

Multiple Choice

The technique which minimizes the squared vertical distances from the regression line to the data points is called the _____.

• A)correlation line
• B)method of least squares
• C)slope minimization technique
• D)truncation of range technique

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Definitions:

Output

The quantity of goods or services produced in a given time period by a company, industry, or country.

Input

Essential elements or factors that are put into a system or process to achieve an output or result, similar to resources used in production.

Derived Demand

The need for a product or service that is generated by the need for a different product or service.

Input Demand

The demand for resources (inputs) that are used in the production of goods and services.