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Suppose you have two variables X and Y, and a set of paired values for them.

You can draw a line in the xy-plane: say y = ax + b. For each point, the residual is defined as the observed value y minus the fitted value: that is, the vertical distance between the observed and expected values.

The least squares regression line is the line which minimises the sum of the squares of all the residuals.

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Q: What is the least squares regression line?
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