Question
In: Statistics and Probability
Situation: The U.S. Bureau of Mines produces data on the price of Minerals. The data below...
Situation:
The U.S. Bureau of Mines produces data on the price of Minerals. The data below displays the average prices per year for several minerals over a decade.
|
Gold |
Copper |
Silver |
Aluminum |
| 161.1 | 64.2 | 4.4 | 39.8 |
| 308.0 | 93.3 | 11.1 | 61.0 |
| 613.0 | 101.3 | 20.6 | 71.6 |
| 460.0 | 84.2 | 10.5 | 76.0 |
| 376.0 | 72.8 | 8.0 | 76.0 |
| 424.0 | 76.5 | 11.4 | 77.8 |
| 361.0 | 66.8 | 8.1 | 81.0 |
| 318.0 | 67.0 | 6.1 | 81.0 |
| 368.0 | 66.1 | 5.5 | 81.0 |
| 448.0 | 82.5 | 7.0 | 72.3 |
| 438.0 | 120.5 | 6.5 | 110.1 |
| 382.6 | 130.9 | 5.5 | 87.8 |
Action:
Use the attached MS Excel spreadsheet data and multiple regression to produce a model to predict the average price of gold from other variables. Comment on the following:
Action:
Use the above data and multiple regression to produce a model to predict Morning Starthe average price of gold from other variables. Comment on the following:
- Regression equation & describing equation
- R, R2 and 1-R2, adjusted R2 & interrupting each one
- Standard error of estimate & interpretation
- Report the t's for each value and the corresponding p-values
- Overall test of hypothesis and decision.
- Use a .05 level of significance. Cite which variables are significant and which are not significant, based on the t values and p values for each independent variable.
Solutions
orchestra answered 3 years agoRelated Solutions
The U.S. Bureau of Mines produces data on the price of Minerals. The data below displays...
The U.S. Bureau of Mines produces data on the price of Minerals.
The data below displays the average prices per year for several
minerals over a decade.
Gold
($ per oz.)
Copper
(cents per lb.)
Silver
($ per oz.)
Aluminum
(cents per lb.)
161.1
64.2
4.4
39.8
308.0
93.3
11.1
61.0
613.0
101.3
20.6
71.6
460.0
84.2
10.5
76.0
376.0
72.8
8.0
76.0
424.0
76.5
11.4
77.8
361.0
66.8
8.1
81.0
318.0
67.0
6.1
81.0
368.0
66.1
5.5
81.0
448.0...
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