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# \$10.00question 2

• From Mathematics: Statistics
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• Due on Oct. 03, 2011
• Asked on Oct 02, 2011 at 7:11:01PM

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The following Excel output (see SUMMARY OUTPUT next page) represents regression results from Excel of weekly Crude Oil Prices (\$/BBL) on the Gasoline Price (Branded Retail ex all taxes) for California from January 1, 2002 to July 14, 2008.

1-4.Comment specifically on at least 4 of the numbers shown anywhere below.

5. Also, is this a good fit? Why or why not?

6. How much of the variation does this model explain?

7. What’s the correlation coefficient, including its sign?

8. Lately the price of crude oil has decreased from over \$145 to less than \$90. What decrease in gasoline prices (less taxes) would you expect for every \$10 drop in crude oil price given this model?

 SummaryOutput Regression Statistics Multiple R 0.9466 R Square 0.8960 AdjustedR Square 0.8957 Standard Error 0.2122 Observations 341 ANOVA df SS MS F Significance F Regression 1 131.6144 131.6144 2921.8432 1.0463E-168 Residual 339 15.2702 0.0450 Total 340 146.8846 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 0.6330 0.0259 24.4268 9.93E-77 0.5820 0.6840 Crude Oil Cost \$/Bbl 0.0238 0.0004 54.0541 1.05E-168 0.0230 0.0247

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