The standard deviation about the least squares line is roughly the typical amount by which an observation deviates from the least squares line.

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Quizplus · Accepted Answer

This is true. The standard deviation about the least squares line is a measure of the variability of the residuals, which represent the difference between the observed values and the values predicted by the least squares line. Therefore, it provides a measure of how far the observed values are from the line, which is a measure of the typical amount of deviation.

The Standard Deviation About the Least Squares Line Is Roughly