A residual value measures the difference between an observed value and the corresponding predicted value on the line of best fit.
The residual is calculated as:
[tex]\[ \text{Residual} = \text{Observed value} - \text{Predicted value} \][/tex]
If the residual is negative, this implies that the observed value is less than the predicted value provided by the line of best fit.
Given a residual value of -0.8:
[tex]\[ -0.8 = \text{Observed value} - \text{Predicted value} \][/tex]
This indicates that the observed value is 0.8 units below the predicted value (below the line of best fit).
Therefore, a residual value of -0.8 means that the given point is 0.8 units below the line of best fit. Thus, the correct answer is:
The given point is 0.8 units below the line of best fit.
