Prediction Errors

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lindsayeileen

Guest
#1
Given a regression output of:

Budget = 1.76 + 0.20 = Lawmakers
S = 4.20 R-Sq = 10.7%

(There is also a scatter plot that I obviously cannot post but I'm not sure if it's needed for this...)

I'm being asked what the typical size of prediction errors is.

I will admit that I'm finding it difficult to understand what all of the information in the regression output means, except for the standard deviation. I stated in a previous question that my textbook is absolutely horrible at explaining valuable concepts. If anyone would like to walk me through this, please do!
 
L

lindsayeileen

Guest
#2
Never mind! I figured it out! In case anyone is wondering, it was 4.20, the same as S.