Solved: A residual is the difference between an observed value of y, Basic Statistics

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A residual is the difference between an observed value of y

Question: A residual is the difference between an observed value of y and the predicted value of y for that observation. Based on the size of a residual for an observation, how would you decide if the observation is an outlier? Is it enough to know the value of the residual, or do you need to know other information to make this judgment? How could you apply the methods for detecting outliers?

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Basic Statistics: A residual is the difference between an observed value of y

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