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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.28
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RiU iElRegression Using ExcelCarry out the following stepsCarry out the following steps.1.Put the Cod data in an Excel spreadsheet. Put Quantity in column A and Price inPut Quantity in column A and Price in Column B.2Select the two columns of data2.Select the two columns of data.3.Click on <Insert>, <Scatter>, and select the first type of scatter plot. You should see afirst type of scatter plot. You should see a scatter plot like Figure 3.3.29