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i. In order to visualize the form of the regression equation, we can draw a scatter diagram. ii. The least squares technique minimizes the sum of the squares of the vertical distances between the actual Y values and the predicted values of Y.
iii. In regression analysis, the predicted value of Y' rarely agrees exactly with the actual Y value, i.e., we expect some prediction error.
Short-Run Supply
The supply of goods or services that can be adjusted in a relatively short period to meet changes in demand.
Long-Run Supply
The total quantity of goods or services that producers are willing and able to supply over a long period, considering all inputs and production costs are variable.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).
Supply Curves
Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing and able to sell, holding other factors constant.
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