Answer:
<em>Residual value of -0.8 means the actual point is 0.8 units below the best fit line.</em>
Step-by-step explanation:
The difference between the observed value of the dependent variable and the predicted value is called the residual.
Mathematically,
where,
e = residual,
y = observed value,
ŷ = predicted value.
When the residual is negative, the data point is below the graph or best fit line.
Residual value of -0.8 means the actual point is 0.8 units below the best fit line. It also means that the actual value is 0.8 lesser than the predicted value.
