1.

State the utility of regression.

Answer»

The utility of regression can be described as follows :

  • We can know the functional relationship between two correlated variables.
  • We can estimate the unknown value of Y, for a given value of independent value of X.
  • We can find the estimated change in Y, per unit change in X with the help of regression.
  • We can determine the error occured in finding the estimated value of dependent variable by using the regression line.
  •  It is useful for economists, planners, businessmen, administrators, researchers, etc.


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