Accuracy of Regression model Flashcards
1
Q
What does a small SSR indicate ?
A
A good fit aas residuals are small
2
Q
In a perfect model the estimates and line of best fir…
A
= population values
3
Q
Total varability to Y dependent=
A
regressed variability explained in the X explanatory variable
4
Q
TSS=
A
RSS + SRR
5
Q
R2 =
A
RSS/TSS
6
Q
When is R2 a perfect fit/no explanatory power
A
1/0
7
Q
R2 measures…
A
the total variability in Y explainable by X
8
Q
What does ß represent in the regression model?
After X and Y variables have been logged?
A
Y changes by ß units for one unit of X
(elasticity) Y changes by ß% for one X%
