Presume a situation in which you're given 3 data points and must use a LINEAR regression to calculate a 4th.
A quick visualization of the data - The first 3 rows are the given, the 4th, the calculated.
The X values are all set. The first 3 Y values (500, 700, and 850) may vary by as much as 5 in either direction. Because of this, it is impossible, obviously, to make an accurate regression and therefore an accurate 4th calculation. After calculating 1032 as your final value, you are told the true value of the 4th Y is 1000 (but once again, plus or minus 5). Is there a way to calculate a confidence interval or similar to "prove" (or say with high confidence) that 1032 is an "accurate" answer because, with the information given and possibility for variance, there is a range of acceptable answers? If so, can you explain how and walk me through it?
Thanks in advance!