What is a residual in the context of simple linear regression?
- The difference between the observed and predicted values
- The difference between the predicted and observed values of the independent variable
- The error in the slope of the regression line
- The observed value of the dependent variable
A residual is the difference between the observed value of the dependent variable (y) and the predicted value (ŷ), given by the regression model. It represents the error of the estimate.
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