An economist wanted to investigate the factors that determined the price of petrol RON97. He gathered 17 months of data on the four variables below:Y = Price of petrol RON97 (RM/litre)X1 = Price of world oil (USD/barrel)X2 = Exchange rate (RM/USD)X3 = Quantity demand for petrol RON97 (million litre)The Excel results are shown as follows:ANOVAdfSSMSSignificance FRegressionResidual0.4670.06230.15632.7630.000130.005Total160.529Coefficients Standard Errort StatP-value0.0940.0000.003Intercept-1.1320.627-1.805X10.0210.0037.000X2-0.3340.092-3.630X30.0100.0071.4290.165(a) Determine the regression equation.(b) Determine the coefficient of determination, and interpret.(c) Which independent variables linearly related to the price of petrol RON 95 in this model? Explain.(d) Is the model valid? Explain.

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An economist wanted to investigate the factors that determined the price of petrol RON97. He gathered 17 months of data on the four variables below: Y = Price of petrol RON97 (RM/litre) X1 = Price of world oil (USD/barrel) X2 = Exchange rate (RM/USD) X3 = Quantity demand for petrol RON97 (million litre) The Excel results are shown as follows: ANOVA df Significance F 0.000 MS 0.467 Regression Residual 0.156 32.763 13 0.062 0.005 Total 16 0.529 Coefficients Standard Error t Stat p-value 0.094 0.000 0.003 Intercept -1.132 0.627 -1.805 X1 0.021 0.003 7.000 X2 -0.334 0.092 -3.630 X3 0.010 0.007 1.429 0.165 (a) Determine the regression equation. (b) Determine the coefficient of determination, and interpret. (c) Which independent variables linearly related to the price of petrol RON 95 in this model? Explain.

An economist wanted to investigate the factors that determined the price of petrol RON97. He gathered 17 months of data on the four variables below: Y = Price of petrol RON97 (RM/litre) X1 = Price of world oil (USD/barrel) X2 = Exchange rate (RM/USD) X3 = Quantity demand for petrol RON97 (million litre) The Excel results are shown as follows: ANOVA df Significance F 0.000 MS 0.467 Regression Residual 0.156 32.763 13 0.062 0.005 Total 16 0.529 Coefficients Standard Error t Stat p-value 0.094 0.000 0.003 Intercept -1.132 0.627 -1.805 X1 0.021 0.003 7.000 X2 -0.334 0.092 -3.630 X3 0.010 0.007 1.429 0.165 (a) Determine the regression equation. (b) Determine the coefficient of determination, and interpret. (c) Which independent variables linearly related to the price of petrol RON 95 in this model? Explain.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.

Question

An economist wanted to investigate the factors that determined the price of petrol RON97. He gathered 17 months of data on the four variables below:
Y = Price of petrol RON97 (RM/litre)
X1 = Price of world oil (USD/barrel)
X2 = Exchange rate (RM/USD)
X3 = Quantity demand for petrol RON97 (million litre)
The Excel results are shown as follows:
ANOVA
df
SS
MS
Significance F
Regression
Residual
0.467
0.062
3
0.156
32.763
0.000
13
0.005
Total
16
0.529
Coefficients Standard Error
t Stat
P-value
0.094
0.000
0.003
Intercept
-1.132
0.627
-1.805
X1
0.021
0.003
7.000
X2
-0.334
0.092
-3.630
X3
0.010
0.007
1.429
0.165
(a) Determine the regression equation.
(b) Determine the coefficient of determination, and interpret.
(c) Which independent variables linearly related to the price of petrol RON 95 in this model? Explain.
(d) Is the model valid? Explain.

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