An ordinary least squares method makes the sum of

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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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R i U i E l 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. 29
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