Reference no: EM132394269
Oil Problem - The price of gas at the pump (in cents) and the price of crude oil (in dollars per barrel) are given in the following table.
1) Plot the Scattergram.
2) Compute the regression coefficients using Least Squares Method.
3) Write the Least Squares equation.
4) Predict the price of gas at the pump in a year in which the price of crude oil is $30 per bbl.
5) Graph the Least Squares Line.
6) Interpret the intercept and slope in the context of the problem.
7) Compute SSE.
8) Compute S2, the estimator of σ2, and interpret its meaning.
9) Compute S, the estimator of and interpret its meaning.
10) Is the model useful? Test using ( = 0.05). Draw the appropriate conclusion in the context of the problem.
11) Develop a 95% confidence interval for the slope of the population.
12) Compute the coefficient of correlation and interpret its meaning in the context of the problem.
13) Compute the coefficient of determination and interpret its meaning in the context of the problem.