hi i have a doubt over something.. what is the standard error of the slope for regression and the standard error of the intercept. and what does standard error mean with respect with these two statistics?
thanx
The standard error of the slope and the intercept is the error around the estimates for each of these parameters. It's basically the standard deviation of the residuals.
The standard errors are important because they give the bounds within which we would expect the regression line to vary if we drew lots and lots of samples from the population.
In this --> image, you will see the confidence intervals plotted around the regression line, and just imagine the regression line pivoting within these bounds.
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