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Exploring Other Function Models

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This graph is a residual plot displaying the residuals for the Natural Gasoline Prices when a quadratic regression equation is applied to the data. The horizontal axis represents the months and extends from negative 0.5 to 8. The vertical axis represents the residual values and extends from negative 1 to 1.2. The graph displays the following ordered pairs: (0, negative 0.63), (1, 0.63), (2, 0.64), (3, 0.001), (4, negative 0.63), (5, negative 0.64), and (6, 0.64)

kahlid holding a calculator and speakingKhalid: While the residuals are small, there could be a pattern to the residual plot.  This indicates that another function could be a better fit for the data set.  So, it is important to examine other function families before making a final decision about which model is the best fit.


 

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