Estimate the average price of gas when a barrel of oil costs

Reference no: EM13236995

Include any graphs, hypothesis, critical values, or calculations you used to get your answer to receive full credit. You will have to decide which variable is the dependent variable and which variable is the independent variable Use 3 decimals.

A study is commissioned to observe how much of the variation in gas prices is caused by the variation in oil prices. Over 52 weeks, the average price of a gallon of gas and the price of a barrel of oil where recorded each Friday (so n=52). The regression provided the following results:

SSE = 12500 SSR = 20320 SSxx = 127,000
b0 = -15 b1=0.4

Write the estimated regression equation. Estimate the average price of gas when a barrel of oil costs $45.

Reference no: EM13236995

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