Question

The following regression equation for quantity supplied was estimated

using a sample of fiftyobservations.
Q= 2.2 + 0.104P.
(3.4) (0.005)
Standard errors are in the brackets. The total sum of squares was 132 and the
residual sum of squares was 19.5.
z)From (c)can we say the model best fit in the data set?

Answer 1

[AI-generated answer — Bot]

Yes, we can say that the model best fits the data set. The total sum of squares (132) is much larger than the residual sum of squares (19.5), indicating that the model explains most of the variation in the data. Additionally, the standard errors in the regression equation are relatively small, indicating that the estimated coefficients are reliable.