Simple Linear Regression Sample Question

Simple Linear Regression Sample Question 1
An analyst has recently been studying the relationship between the number of rail cars in train and fuel cost. He has 20 sample points which are:

1. What is the equation for the best fit straight line?
2. What does best fit mean?
3. What are the two primary methods we use to measure the quality of the fit?
4. Name and briefly describe two alternative methods for best fit?
5. Does it appear to be a good fit and why?
6. What is the average error for each prediction
7. Do the actual values seem to be randomly placed about the best fit straight line?
8. If the analyst wanted to estimate the fuel cost for a train with 43 cars what would your estimated value be? Is this a safe estimate
9. The analyst wants to use this fitted curve to estimate fuel cost for super long trains, those that are 70 or more cars. What might you advise him?
10. Is it possible there other b0 and b1 values that generate a good fit between x and y? Explain why?
11. What additional characteristics of each train might be good to capture and use to help prediction fuel costs?

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