Fitting polynomials and exponential curves to data is a common statistical technique used for modeling relationships between variables that may not be linear. In this lecture, we will explore the principles of fitting polynomials and exponential curves, the mathematical formulations, and the interpretation of the results. Key Concepts 1. Fitting Polynomials: Polynomial Fitting is a technique used to model relationships between variables using polynomial equations. The most common polynomial equation is a simple quadratic equation: Y = β ₀ + β ₁ X + β ₂ X² + ε Y : The dependent variable (the variable to be predicted). X : The independent variable (the predictor variable). β ₀ , β ₁ , β ₂ : Coefficients of the polynomial terms. ε : The error term (represents random variability or unexplained variation). Higher-order polynomials include cubic, quartic, etc., terms and can be used for more complex relationships. 2. Mathematical Formulation: The goal is to estimate the values of the polyn...