Question 1: What is regression in its simplest form?

Question 2: At its simplest, regression equation is of the form y = a + bx. Name and explain the meaning of y, x, b and a.

Question 3: Why is the regression line being refer to as the line of the best fit? Explain.

Question 4: What is extrapolation in regression and why should one proceed with caution when extrapolating regression line?

Question 5: What are outliers in linear regression and how can they distort the interpretation of the linear regression? Any thoughts as to how to address outliers.