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 ($)Gasoline ($)43.572.45040.542.54753.692.79441.852.62286.033.10355.352.604 The correlation coefficient for the data is r=0.918 and a=0.05Should regression analysis be done? Please make choice below. 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′=a+bx a= b= Find the cost of gasoline when oil is $59 a barrel. Round the answer to at least three decimal places. When oil is$59 a barrel ,gas costs how much per gallon? $?

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Answered: Find the equation of the regression…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter4: Equations Of Linear Functions

Section4.6: Regression And Median-fit Lines

Problem 1CYU

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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 ($)	Gasoline ($)
43.57	2.450
40.54	2.547
53.69	2.794
41.85	2.622
86.03	3.103
55.35	2.604

The correlation coefficient for the data is

r=0.918

and

a=0.05

Should regression analysis be done? Please make choice below.

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′=a+bx
	a=
	b=

	Find the cost of gasoline when oil is $59 a barrel. Round the answer to at least three decimal places.
	When oil is$59 a barrel ,gas costs how much per gallon? $?

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Find the cost of gasoline when oil is $62 a barrel. Round the answer to at least three decimal places.
	Whenoilis$62abarrel,gascosts$pergallon.

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