(Solution Library) Suppose you build a simple linear regression model Y i = 0 + 1 x i + i based on n = 20 data points (x 1 , y 1), (x 2 , y 2), …,
Question: Suppose you build a simple linear regression model Y i = 0 + 1 x i + i based on n = 20 data points (x 1 , y 1 ), (x 2 , y 2 ), …, (x 20 , y 20 ). Recall that the regression model estimates the unknown parameters 0 and 1 with b 0 and b 1 . You then seek to validate your model by looking at the residuals e i = y i y^ i , where y^ i = b 0 + b 1 x i are the predicted Y values. Consider the following possible residual graphs that you might encounter.
For each of the four graphs, determine whether it suggests a problem in your regression model. If so, what is the nature of the problem?
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