So we all know that you can apply the "Line of best fit" to a set of points such that the square differences between the estimated values and the real values is minimised but how do you go about finding the "point of best fit" and what does that point describe?
For example I have 3 lines:
I want to find the point that intersects all 3 lines. This point clearly does not exist. So instead I want to find the point that is 'closest' to being a triple intersection. I imagine this could be called a 'point of best fit'. How would I go about finding this point?