Simple Linear Regression Sample Question 1;An analyst has recently been studying the relationship between the number of rail cars in train and fuel cost. He has 20 sample points which are;1. What is the equation for the best fit straight line?;2. What does ?best fit? mean?;3. What are the two primary methods we use to measure the quality of the fit?;4. Name and briefly describe two alternative methods for best ?fit??;5. Does it appear to be a good fit and why?;6. What is the ?average error? for each prediction;7. Do the actual values seem to be randomly placed about the best fit straight line?;8. If the analyst wanted to estimate the fuel cost for a train with 43 cars what would your estimated value be? Is this a ?safe? estimate;9. The analyst wants to use this fitted curve to estimate fuel cost for ?super long trains?, those that are 70 or more cars. What might you advise him?;10. Is it possible there other b0 and b1 values that generate a good fit between x and y? Explain why?;11. What additional characteristics of each train might be good to capture and use to help prediction fuel costs?
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