What are the uses of a regression model

What are the uses of a regression model?

Solution: If we are able to establish a linear relationship between variables, we can use the regression model to predict the outcome of as a function of, using the formula

where corresponds to the predicted , andcorresponds to the estimations for the parameters and. There are certain restrictions to the validity of this kind of prediction, like the use of the appropriate range, and the actual existence of a reasonable prior linear relationship.


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