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 . Oil- 42.92 78.08 42.90 52.17 72.34 Gasoline- 2.453 3.014 2.720 2.949 3.041 3.084 1. The correlation coefficient for the data is r=0.842 and a=0.05. Should regression analysis be done? 2. y’=a+bx a= , b=

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 . Oil- 42.92 78.08 42.90 52.17 72.34 Gasoline- 2.453 3.014 2.720 2.949 3.041 3.084 1. The correlation coefficient for the data is r=0.842 and a=0.05. Should regression analysis be done? 2. y’=a+bx a= , b=

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015

1st Edition

ISBN:9781680331141

Author:HOUGHTON MIFFLIN HARCOURT

Publisher:HOUGHTON MIFFLIN HARCOURT

Chapter4: Writing Linear Equations

Section4.5: Analyzing Lines Of Fit

Problem 31E

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Question

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 .

Oil- 42.92 78.08 42.90 52.17 72.34

Gasoline- 2.453 3.014 2.720 2.949 3.041 3.084

1. The correlation coefficient for the data is r=0.842 and a=0.05. Should regression analysis be done?

2. y’=a+bx

a= , b=

3. Find the cost of gasoline when oil is $64 a barrel. Round the answer to at least three decimal places.

Definition Definition Relationship between two independent variables. A correlation tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

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