I need help with finding the MSE. **Title: Understanding Linear Regression for Time Series Analysis****Objective:**Learn how to perform simple linear regression analysis to determine the parameters that minimize the Mean Squared Error (MSE) for a given time series.**Instructions:**1. **Calculate the Parameters:** - **y-intercept ($b_0$):** 19.99 - **Slope ($b_1$):** 1.77 Both values are verified as correct.2. **Determine the MSE:** - The calculated MSE value is 3.89, which appears to be incorrect.**Summary:**This exercise involves finding the optimal parameters (y-intercept and slope) for a regression line that best fits a time series data set by minimizing the MSE. Use the provided correct values for the y-intercept and slope, and reevaluate the MSE calculation for accuracy. The table illustrates the cost per unit over a period of eight years. Below is the detailed breakdown:| Year | Cost/Unit ($) ||------|---------------|| 1 | 20.00 || 2 | 24.50 || 3 | 28.20 || 4 | 27.50 || 5 | 26.60 || 6 | 30.00 || 7 | 31.00 || 8 | 36.00 |This data indicates a general trend of increasing cost per unit over the eight-year period, with a slight fluctuation between years 3 and 5. The highest cost per unit is recorded in year 8 at $36.00, while the lowest is in year 1 at $20.00.

Given: y - intercept (b0)=19.99 Slop (b1) = 1.77

Answered: (b) Use simple linear regression…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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(b) Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series. If required, round your answers to two decimal places. y-intercept, b0 = 19.99 Slope, bi = 1.77 MSE = 3.89