Many formulas utilized in statistics are complex. However, one basic formula used in regression is a classic algebraic equation: y = a + bx. Explain the variables within this formula.

Question

Quizplus · Accepted Answer

The Answer is y = any given value on the y-axis that we want to predict by knowing the distribution of the independent variable (x).
a = the constant (or y-intercept) and tells us where the regression line touches the y-axis. In other words, the constant tells us the value of the independent variable (y) if x equals zero.
b = the slope, which is defined as the vertical divided by the horizontal distance between any two points on the line.
x = a given value on the x-axis.

Many Formulas Utilized in Statistics Are Complex