Simple linear regression is a statistical technique allowing us to study the relationship between one dependent variable (denoted y) and one independent variable (denoted x). This relationship can be illustrated using the “best fitting line,” which is calculated using the equation \(\hat{y} = \beta_0 + \beta_1 x\) where:
- \(\hat{y}\) is the expected value of the dependent variable,
- \(\beta_0\) is the best fitting line’s intercept with the y axis,
- \(\beta_1\) is the best fitting line’s slope, and
- x is the value of the independent variable.