Regression Model – In a simple linear regression, the standard model takes the form of Y ≈ β0 + β1X   Define and briefly explain each of the variables below: Y is β0 is β1 is X is Considering only the simple linear regression model, what is the “most important” parameter and what does it mean?

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  • Regression Model – In a simple linear regression, the standard model takes the form of Y ≈ β0 + β1X

 

  1. Define and briefly explain each of the variables below:

Y is

β0 is

β1 is

X is

  1. Considering only the simple linear regression model, what is the “most important” parameter and what does it mean?
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