The economists estimated the regression equation that presents how the daily heating cost of a two-bedroom house (Y, in $) depends on the outside temperature (X 1 , in Celsius degrees) that day, and the size of the house (X 2 , in m 2 ).

They also found the standard error of estimate equal to 6.3

It means that:

Question

The economists estimated the regression equation that presents how the daily heating cost of a two-bedroom house (Y, in $) depends on the outside temperature (X 1 , in Celsius degrees) that day, and the size of the house (X 2 , in m 2 ). 
 
They also found the standard error of estimate equal to 6.3 
 
It means that:

Answer

None of the listed here

Answer

6.3% of changes of the daily heating cost have not been explained by the regression equation

Answer

The average heating cost per day is $6.3

Answer

The heating cost has been increasing by $6.3 per day, on average

Answer

The average difference between the actual heating cost and the predicted heating cost is 6.3%

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The economists estimated the regression equation that presents how the daily hea...

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