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 ( $ ) 72.74 2.754 81.22 3.083 63.26 2.806 55.36 2.311 68.19 2.464 47.61 2.309 The correlation coefficient for the data is r=0.857 and α=0.05. Should regression analysis be done? Find the equation of the regression line. Round the coefficients to at least three decimal places. y'= a +bx a= b= Finally, find the cost of gasoline when oil is $64 a barrel. Round the answer to at least three decimal places.
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 ( $ ) 72.74 2.754 81.22 3.083 63.26 2.806 55.36 2.311 68.19 2.464 47.61 2.309 The correlation coefficient for the data is r=0.857 and α=0.05. Should regression analysis be done? Find the equation of the regression line. Round the coefficients to at least three decimal places. y'= a +bx a= b= Finally, find the cost of gasoline when oil is $64 a barrel. Round the answer to at least three decimal places.
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.FOM: Focus On Modeling: Fitting Lines To Data
Problem 8P
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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 2015.
Oil (
$
|
Gasoline (
$
|
---|---|
72.74
|
2.754
|
81.22
|
3.083
|
63.26
|
2.806
|
55.36
|
2.311
|
68.19
|
2.464
|
47.61
|
2.309
|
The
Find the equation of the regression line. Round the coefficients to at least three decimal places. | |
y'= a +bx
|
Finally, find the cost of gasoline when oil is $64 a barrel. Round the answer to at least three decimal places. |
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