What do we mean by the least-squares criterion? Give a very general description of how the least-squares criterion is involved in the construction of the least-squares lines. Why do we say the least-squares line is the \”best-fitting\” line for the data set?

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What do we mean by the least-squares criterion? Give a very general description of how the least-squares criterion is involved in the construction of the least-squares lines. Why do we say the least-squares line is the \”best-fitting\” line for the data set?

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