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 29.3 70.39 60.5 329.67 143.61 What is the estimated regression equation? (Specify which variable is y and which is x) Question 1 where ce of gas t of Question 2 Show the ANOVA table MS df Regression Error Total Question 3 What is the r2 for this model? Question 4 what is the 90% confidence interval for β1 (with appropriate units Lower Endpoint Upper Endpoint Question 5 Test β 1-0 vs. Ha: β1-0 at a-0.025. (Use the F table) Step 1: HO Ha: Step 2 Fill in the row 62 if using an F test Step 3: Reject Ho if F stat Fill in the row 66 if using a t test. The smaller number must be typed first Reject HO if Step 4 Step 4: Step 5: Step 6: Step 7: F stat но The lower boundary must go on the left and the upper boundary on the right. P.value what is the 95% confidence interval for the mean value of y when x0.29 (with appropriate units)? Question 6 Lower Endpoint Upper Endpoint Question 7A Ifx0-1.7, what is the predicted value for y (with appropriate units)? if x0-17, what is 80% prediction interval for an individual value of y (with appropriate units)? Question 78 Upper Endpoint Lower Endpoint

Answer 1

4.6538 グー [y/52.2538 4.3 S50 og43 S ms 1.09.43 43 at R o 32607 0.2963 4.3550 0.3 6.25 13 2963 4 3550 = o.150は2, 201 t 010,(1,3.2 25

Population regression equation: y--A) + βιχ SSE Standard error of the estimate: se- . Test statistic for Ho: βι--0: bi with df n-2. Confidence interval for Bi: with df-2 Confidence interval for the conditional mean of the response variable corresponding to Xp rx with df-2. Prediction interval for an observed value of the response variable corresponding to Xp with df n-2.