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Regression Equation and Coefficient of Determination

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When is a regression equation used? What terms describe the fit of a regression equation to the data? What is the importance of the coefficient of determination (r2)?

What are outliers? How do you identify outliers in your data? How do outliers impact your regression equation?

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The solution goes into detail related to the regression question being asked, including coefficient of determination and outliers. The solution is very easy to follow along and can be easily understood by anyone with a basic understanding of the concepts. The solution answers all the question(s) being asked in a succinct 287 words.

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Regression equation is used when you need to determine the relationship between two or more variables. When there is an input such as age, income etc. and an output such as amount of money spent, then you can use a regression equation to determine the relationship between the amount of money spent and age or amount of money ...

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