An “ordinary least squares” method makes
the sum of squared residuals as small as
possible. This is normally done using
computer programs such as
Excel.
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Regression Using Excel
Carry out the following steps
Carry out the following steps.
1.
Put the Cod data in an Excel spreadsheet.
Put Quantity in column A and Price in
Put Quantity in column A and Price in
Column B.
2
Select the two columns of data
2.
Select the two columns of data.
3.
Click on <Insert>, <Scatter>, and select the
first type of scatter plot. You should see a
first type of scatter plot. You should see a
scatter plot like Figure 3.3.
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