Problem: Minimize RSS by hand

Problem

Data: http://media.nek.lu.se/data/minRssByHand.xlsx

1. Try to find the best fit by hand. The red line is the fitted line which you control with \(b_1\) and \(b_2\) . Find the values of \(b_1\) and \(b_2\) which minimizes \(RSS\) . You should be able to get the first decimals correct.
2. Let Excel find the values of \(b_1\) and \(b_2\) and check how close you came.