And since this is the right answer, it’s probably worth making a note of the fact that our regression coefficients are estimates (we’re trying to guess the parameters that describe a population!), whi...And since this is the right answer, it’s probably worth making a note of the fact that our regression coefficients are estimates (we’re trying to guess the parameters that describe a population!), which is why I’ve added the little hats, so that we get \ \hat{b_0} and \ \hat{b_1} rather than b0 and b1.
When the regression line is good, the residuals (the lengths of the solid black lines) all look pretty small, as shown in Figure 12.4, but when the regression line is a bad one, the residuals are a lo...When the regression line is good, the residuals (the lengths of the solid black lines) all look pretty small, as shown in Figure 12.4, but when the regression line is a bad one, the residuals are a lot larger, as you can see from looking at Figure 12.5.
