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 1 year ago

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