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Uses of regression analysis?
To answer questions, To test economic theories
What stands beta for?
Note that beta stands for the change in H when Y changes by 1 unit. Note that this is not the elasticity.
How to find beta?
Distance between line and data points is minimised.
What is a multiple regression?
Regression with multiple variables
How does the regression model look?
y = xb + e
What is x?
Independent variable
What is b?
The coefficient
What is e?
The residuals or error term
