We model a continuous response variable \(Y\) as a linear function of one predictor \(X\):
\[ Y_i = \beta_0 + \beta_1 X_i + \varepsilon_i, \quad i = 1, 2, \ldots, n \]
where:
- \(\beta_0\) = intercept
- \(\beta_1\) = slope coefficient
- \(\varepsilon_i \sim \mathcal{N}(0, \sigma^2)\) are independent random errors
The key idea is to find the line that best fits the observed data by minimizing the sum of squared residuals.