Economists wish to look at the relationship between the price of regular unleade

Question

Economists wish to look at the relationship between the price of regular unleaded gasoline in the U.S. (units $/gallon) and the acquisition cost of OPEC crude oil units $10/barrel Summary measures for a random sample of 13 years are given below. 13 34.9 99.77 329.67 175.55 Question 1 What is the estimated regression equation? (Specify which variable is y and which is x) price ot Ras cost of oi Question 2 Show the ANOVA table. MS Regression Error Total Question 3 What is the r2 for this model? Question 4 What is the 98% confidence interval for B1 (with appropriate units)? gallons/barrel gallons/barrel Lower Endpoint Upper Endpoint

Explanation / Answer

Q5. F-value is present in Q3 ANOVA table.

Q7A. y(at x=1.7) = 1.414 + 0.273*X= 1.88

Excel formula (copy & paste this at start of sheet):

cov(x,y) 1.010059 var(X) 3.700947 MEAN(X)= 4.653846 var(y) 0.467456 MEAN(Y)= 2.684615 Q1. intercept 1.414492 SLOPE= 0.272919 Y=1.414 + 0.273*X Q2. ANOVA Table source ss df MS F-stat p-value Regression 3.583638 1 3.583638 15.81048 0.002173 Error 2.493285 11 0.226662 Total 6.076923 12 Q3. R-sq for model correation= 0.767927 R-sq= 0.589713 Q4. CI for slope beta: Std error for beta= 0.068638 t(for 98% ci)= 2.878929 lower end= 0.075317 upper end= 0.470522

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.