Consider the following simple linear regression model: y = β₀ + β₁x + ε. β₀ and β₁ are ________.

Question

Quizplus · Accepted Answer

β₀ and β₁ are the unknown parameters in the simple linear regression model. They represent the coefficients for the explanatory variable x and are estimated from the data. The response variable is y, the random error terms are represented by ε, and the explanatory variable is x.

Consider the Following Simple Linear Regression Model: Y = β0

Consider the Following Simple Linear Regression Model: Y = β₀