In problem, two linear models are given for the data. For each model,
(a) find the residuals and their sum;
(b) find the sum of the squares of the residuals;
(c) decide which model is the better fit. (See Example 2.)
Business The weekly amount spent on advertising and the weekly sales revenue of a small store over a five-week period are shown in the following table:
Advertising Expenditure x (in hundreds of dollars) | 1 | 2 | 3 | 4 | 5 |
Sales Revenue y (in thousands of dollars) | 2 | 2 | 3 | 3 | 5 |
Two equations that model the data are y = .5x + 1.5 and y = x.
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