In Statistics, I have learned to find a best-fitting regression line for a set of data points on a coordinate plane. However, I was wondering if there was a way to find a single point on the plane that is closest to the most points in the dataset.
For example, assume there is a map showing the locations of houses in a city which require the service of a hospital. Is there a mathematical way to determine where the hospital should be centrally located in order to be in close proximity to the most homes?
I wouldn't know where to begin on this situation. Is there perhaps an equation or something that can be used?