​In a Regression Equation,one May Measure the Accuracy of the Estimation

question 12

Multiple Choice

​In a regression equation,one may measure the accuracy of the estimation by:

• A) ​calculating the standard deviation of the errors of prediction
• B) ​calculating the standard error of the estimate
• C) ​estimating the standard deviation of the errors of prediction
• D) ​all of the above
• E) a and b only

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Definitions:

Perfectly Elastic

Describes a situation in economics where the demand or supply for a product can vary infinitely with a small change in price.

Inelastic

A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied changes infinitely in response to any change in price.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance each other.