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Regression Analysis on a Graphing Model

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Interpret the attached graph.

2. Using the graph below, discuss how well you believe the model represents the data. Discuss the impact of that data point that appears at (5000, 3250). What would happen to the line if that point had been at (5000, 1000)? How would that impact the interpretation of the line of regression?

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The solution provides step by step method for the calculation of regression model. Formula for the calculation and Interpretations of the results are also included.

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