The average price in dollars of a gallon of unleaded gasoline in December of eac

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The average price in dollars of a gallon of unleaded gasoline in December of each year from 1992 to December 2011 is given below: 1992 1993 1994 1995 1996 1997 1998 1999 1.069 0.999 1.044 1.075 1.224 1.099 0.914 1.263 2000 2001 2002 2003 2004 2005 2006 2007 1.474 1.120 1.496 1.543 1.858 2.319 2.457 3.039 2008 2009 2010 2011 1.596 2.564 3.015 3.258 *http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_history.html 1. Provide a scatterplot of this data set. Does it appear that a linear relationship exists between the variables YEAR and PRICE? 2. Give the equation of line of best fit (regression line) for unleaded gasoline prices (per gallon) as a function of year measured for the years 1992 to 2011. Use the price at the end of the year (Dec) to represent the year. 3. State an interpretation of the slope value as it relates to the data in this problem. 4. Use the regression line equation to predict the December gasoline price for the current year, 2012. Does this agree with your own personal observation of gasoline prices? 5. Repeat these computations using only the data from the 21st century (years 2000 through 2011, inclusive): determine the regression line and use it to predict the December 2012 price of a gallon of gas. Again, provide a scatterplot of the dataset. Which data set do you think is a better one to use

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