$\hat{Y}_i = -5.756 + 28.2167X_i$ $\hat{Y}_i = 25.83 + 1.143X_i + 3.3842X_i^2$ Year | Amount (megawatts) ------- | -------- 2000 | 22 2001 | 30 2002 | 46 2003 | 67 2004 | 88 2005 | 105 2006 | 144 2007 | 211 2008 | 251
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The principle of parsimony suggests selecting the simplest model that adequately fits the data. In this case, we need to compare the $S_{YX}$ and MAD values for the linear and quadratic models. The model with the lower values of $S_{YX}$ and MAD is preferred. Show more…
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