Question 2The figure below plots the number of trips (denoted as 'y') generated against the associatedincome level (denoted as 'x') of 20 surveyed households. The straight line on the plot, with anequation y = 3x + a, represents the mathematical model representing the relationship betweentrips and income level based on the collected data by least square estimation.16y = Bx + α1412ε₁ = y₁ - y₁10864201000020000Trips050001500025000Incomea) Interpret the physical meaning of ɛ, a and ß in the figure.b) Describe in detail the least square estimation method (with use of appropriate mathematicalnotations) with which the optimal values of a and ß can be determined.

Answered: Image /qna-images/answer/0389d905-b05f-4d3d-a281-72fadb44ed9c.jpg

Answered: e level (denoted as 'x') of 20 surveyed…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter7: Distance And Approximation

Section7.3: Least Squares Approximation

Problem 31EQ

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