Figure

Regression Relation Between New Account Application Costs and the Number of New Accounts at the First National Bank

The regression line minimizes the sum of squared deviations.

Total cost

150 200 250 300 350 400 450

Number of new account applications

150 200 250 300 350 400 450

Number of new account applications where total cost in month t is the dependent or Y variable, and the number of new account applications in month t is the independent output or X variable. ut is a residual or disturbance term that reflects the influences of stochastic or random elements and of any other determinants of total costs that have been omitted from the regression equation. When time-series data are being

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