Question

In: Statistics and Probability

Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of...

Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown below for a random selection of weeks in

2015

.

Oil (

$

)		 Gasoline (

$

)

55.78

2.654

41.96

2.269

52.08

2.445

57.28

2.710

58.15

2.805

67.59

3.071

The correlation coefficient for the data is

=r0.978

and

=α0.01

. Should regression analysis be done?

The regression analysis should not be done.
The regression analysis should be done.
Find the equation of the regression line. Round the coefficients to at least three decimal places.

=y′+abx

=a

=b
Find the cost of gasoline when oil is

$64

a barrel. Round the answer to at least three decimal places.

Whenoilis$64abarrel,gascosts$pergallon.

Solutions

Expert Solution

Setting the table as shown below

Oil ($) X Gasoline $ (y) XY X^2 Y^2
55.78 2.654 148.04012 3111.4084 7.043716
41.96 2.269 95.20724 1760.6416 5.148361
52.08 2.445 127.3356 2712.3264 5.978025
57.28 2.71 155.2288 3280.9984 7.3441
58.15 2.805 163.11075 3381.4225 7.868025
67.59 3.071 207.56889 4568.4081 9.431041
332.84 15.954 896.4914 18815.2054 42.813268

Last row is the summation

orchestra answered 2 years ago
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