In the context of a linear regression equation Y = a + b1 X1 + b2 X2 + … + bkXk, what does the coefficient (b1 X1) indicate?
1
The constant term in the equation.
2
The percentage of variation in the dependent variable (Y).
3
The change in (Y) for a one-unit change in (X).
4
The residual or error term.