The table below shows the amounts of crude oil (in thousands of barrels per day)

Question

The table below shows the amounts of crude oil (in thousands of barrels per day) produced by a country and the amounts of crude oil (in thousands of barrels per day) imported by a country, for the last seven years. Construct and interpret a 95 % prediction interval for the amount of crude oil imported by the this country when the amount of crude oil produced by the country is 5, 559 thousand barrels per day. The equation of the regression line is ModifyingAbove y with caret equals - 1.126x + 15, 904.887 .

Oil produced, x 5,839   5,731   5',629   5, 450   5,184   5, 063   5,049

Oil imported, y 9,346 9,129   9,687   10,087   10,135   10,125   10, 094

Construct and interpret a 95 % prediction interval for the amount of crude oil imported when the amount of crude oil produced by the country is 5,559 thousand barrels per day. Select the correct choice below and fill in the answer boxes to complete your choice. (Round to the nearest cent as needed.)

A. We can be 95 % confident that when the amount of oil produced is 5,559 thousand barrels, the amount of oil imported will be between ____ and _____ .

B. There is a 95 % chance that the predicted amount of oil imported is between ___ and ___ thousand barrels, when there are 5,559 thousand barrels produced.

Explanation / Answer

Answer: A. We can be 95 % confident that when the amount of oil produced is 5,559 thousand barrels, the amount of oil imported will be between 9025.79 and 10263.61.

Regression Analysis r² 0.766 n   7 r   -0.875 k   1 Std. Error   222.320 Dep. Var. y ANOVA table Source SS   df   MS F p-value Regression 808,649.8980 1   808,649.8980 16.36 .0099 Residual 247,129.8163 5   49,425.9633 Total 1,055,779.7143 6   Regression output confidence interval variables coefficients std. error    t (df=5) p-value 95% lower 95% upper std. coeff. Intercept 15,904.8873 0.000 x -1.1261 0.2784 -4.045 .0099 -1.8418 -0.4105 -0.875 Predicted values for: y 95% Confidence Interval 95% Prediction Interval x Predicted lower upper lower upper Leverage 5,559 9,644.700 9,407.104 9,882.297 9,025.787 10,263.613 0.173

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