Question: Consider a simple linear regression. The followings are summary statistics: n = 20, \(\sum{{{y}_{i}}}=80\) , \(\sum{y_{i}^{2}}=350\), \(\sum{{{x}_{i}}}=120\), \(\sum{x_{i}^{2}}=800\), \(\sum{{{x}_{i}}{{y}_{i}}}=500\)

1. Obtain the equation of the least squares line and estimate \({{\sigma }^{2}}\) .
2. What proportion of variation in the response variable is explained by the regression line?

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