just have 1 question while considering the Age co-effcient we considersed it as for every 1 year the car gets older and when it cames to km co-efficient you considered for every 1000 km , just had a small doubt: why didnt we go with every 1km instead of every 1000km , the car travels more its price gets reduced by a certain range value, since for Age we consider as for every 1 year . may i know on what after the unit 1 or 1000 gets decided for interpreation ?
The confidence interval will always contain the statistic from the sample. However we can only be , for example, 95% confident that they contain the population parameter.
Generally the intercept has no sensible interpretation as it is outside the range of the data used to create the model. I think I explain that in one of the other regression videos - the first one.
In some computer packages you are given the standard error. It is the square root of (the sum of squares residual divided by the degrees of freedom). That would give the confidence interval for the mean of the price for those input values.
Thanks for the great video! Also, I think it's the first time I'm hearing a New-Zealander accent. So sweet!
Glad you enjoyed it!
Dr Nic, i can't thank you enough for all this great content
My pleasure!
I like your videos a lot. Thank you!
Thank you for your comment. I sometimes wonder if they are hitting the spot, so it's good to get feedback.
Thank youuuu great explanation!
Glad to be of help
I like your way of teaching..
Thanks for your informative videos
So nice of you
Awesome explanation. Loved your comment on Sampling error that it's not an error per se but the variation due to different samples :)
Glad it was helpful!
Great videos. I forgot all my stats knowledge from school and your vids have really helped me remember!
Happy to help!
Thanks for sharing.
Thanks for watching!
just have 1 question while considering the Age co-effcient we considersed it as for every 1 year the car gets older and when it cames to km co-efficient you considered for every 1000 km , just had a small doubt: why didnt we go with every 1km instead of every 1000km , the car travels more its price gets reduced by a certain range value, since for Age we consider as for every 1 year . may i know on what after the unit 1 or 1000 gets decided for interpreation ?
Hi! thank you! therefore, the CI should always contain our size effects/coefficients, right?
The confidence interval will always contain the statistic from the sample. However we can only be , for example, 95% confident that they contain the population parameter.
@@DrNic thank you!
Always a pleasure
thanks
Thanks for excellent explanation of confidence interval. Kindly explain, how to interpret confidence interval of Intercept.
Generally the intercept has no sensible interpretation as it is outside the range of the data used to create the model. I think I explain that in one of the other regression videos - the first one.
if you want to estimate the price within some confidence interval, how can you come up with the standard error for the price?
In some computer packages you are given the standard error. It is the square root of (the sum of squares residual divided by the degrees of freedom). That would give the confidence interval for the mean of the price for those input values.
🙌
thanks
What do you mean interval regression.thank you
I'm not sure what you are asking. I do not talk about interval regression, but confidence intervals for regression coefficients.
thanks mommy
You're welcome son