Fuel Consumption. The data file FUELCON4 on the CD contains the following variables for al...

Fuel Consumption. The data file FUELCON4 on the CD contains the following variables for all 50 states plus the District of Columbia:

Figure 4.24 Mortgage rate and prime rate regression.

Run the regression with FUELCON as the dependent variable and the other four variables as independent variables. Use the output to help answer the following questions:

a. What is the estimated regression equation?

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b. Test. the overall fit of the regression. Use a 5% level of significance. Be sure to state your decision rule, test statistic value, and your decision. What conclusion can you draw from the result of the test?

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c. What percentage of the variation in FUELCON has been explained by the regression?

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d. Are there any variables that appear to be unnecessary in the regression? Justify your answer.

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e. Are there variables that have been omitted from the regression that you believe might be useful in explaining more of the variation in FUELCON? If so, what variables?

(Source: Data are from that: U.S. Department of Transportation, Federal Highway Administration. Most data were found in the online publication Highway Statistics 2001 at www.Chwa.dot.gov/ohim/hs01/index.htm)