Homework Help is Here – Start Your Trial Now!
Math
Statistics
MAT 152 Chapter 10 Project - Scatterplots and Regression The price of gasoline in the U.S. has varied greatly in recent years. In this activity, you will explore relationships and trends in gasoline prices since 2000. Use the following set of data to complete the activity: Years since 2000 0 1 2 3 4 5 6 Gas Price per Gallon $1.30 $1.47 $1.14 $1.47 $1.59 $1.82 $2.32 60.0

MAT 152 Chapter 10 Project - Scatterplots and Regression The price of gasoline in the U.S. has varied greatly in recent years. In this activity, you will explore relationships and trends in gasoline prices since 2000. Use the following set of data to complete the activity: Years since 2000 0 1 2 3 4 5 6 Gas Price per Gallon $1.30 $1.47 $1.14 $1.47 $1.59 $1.82 $2.32 60.0

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
100%

Please answer everything.

MAT 152 - Chapter 10 Project - Scatterplots and Regression The price of gasoline in the U.S. has varied greatly in recent years. In this activity, you will explore relationships and trends in gasoline prices since 2000. Use the following set of data to complete the activity: Price ($) $4.00 $3.50 Scatterplot and Regression 1. Make a scatter plot of the data: $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 0 Years since 2000 ● 1 0 1 2 2 3 4 5 6 7 8 9 10 3 11 12 Average Price ($) of Regular Unleaded Gasoline at the beginning of the year S Gas Price per Gallon 6 $1.30 $1.47 $1.14 $1.47 $1.59 $1.82 $2.32 $2.27 $3.05 $1.79 $2.73 7 $3.09 $3.40 Years since 2000 9 ● 10 11 12 13
Transcribed Image Text:MAT 152 - Chapter 10 Project - Scatterplots and Regression The price of gasoline in the U.S. has varied greatly in recent years. In this activity, you will explore relationships and trends in gasoline prices since 2000. Use the following set of data to complete the activity: Price ($) $4.00 $3.50 Scatterplot and Regression 1. Make a scatter plot of the data: $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 0 Years since 2000 ● 1 0 1 2 2 3 4 5 6 7 8 9 10 3 11 12 Average Price ($) of Regular Unleaded Gasoline at the beginning of the year S Gas Price per Gallon 6 $1.30 $1.47 $1.14 $1.47 $1.59 $1.82 $2.32 $2.27 $3.05 $1.79 $2.73 7 $3.09 $3.40 Years since 2000 9 ● 10 11 12 13
2. What observations can you make about gas prices over the 12 year span? How would you describe the trend? Strong positive linear 3. Make a guess! Based on the trend of this data, when do you think gas prices will reach $6.00? 2022 4. Using your calculator, find a linear regression equation for this data. Use LinReg(ax + b). Enter your data into L1 and L2 (Stat, Edit), then use Stat, Calc, #4. Y=0.17247x+1.07593 5. Now, using your regression equation, estimate when gas prices will reach $6.00. 2028 6. How good was your guess? Write a statement about your guess compared to the actual value you found with your equation from #5. I guessed 2022 and it was 2028. My guess was 6 years off. 7. What are the r and r² values for this set of data? How good of a linear model do you think this is for this set of data, based on these values? Quadratic Regression 8. Where you find linear regression on the calculator, if you scroll down a little further, you will find QuadReg (Quadratic Regression). This will find a quadratic, or curved, line that may sometimes fit the data better. Find the quadratic regression line on the same set of data. It will be in the form y = ax2+bx+c. Round a, b, and c to 3 or 4 decimal places. 9. Now, using the quadratic model, predict what the price of gas will be in the year 2020. 10. What are the r and r² values for the quadratic model? Do you think the linear or the quadratic model is a better fit, and why? (Hint: The calculator will not give you r directly, you must take the square root of r² to find it.)
Transcribed Image Text:2. What observations can you make about gas prices over the 12 year span? How would you describe the trend? Strong positive linear 3. Make a guess! Based on the trend of this data, when do you think gas prices will reach $6.00? 2022 4. Using your calculator, find a linear regression equation for this data. Use LinReg(ax + b). Enter your data into L1 and L2 (Stat, Edit), then use Stat, Calc, #4. Y=0.17247x+1.07593 5. Now, using your regression equation, estimate when gas prices will reach $6.00. 2028 6. How good was your guess? Write a statement about your guess compared to the actual value you found with your equation from #5. I guessed 2022 and it was 2028. My guess was 6 years off. 7. What are the r and r² values for this set of data? How good of a linear model do you think this is for this set of data, based on these values? Quadratic Regression 8. Where you find linear regression on the calculator, if you scroll down a little further, you will find QuadReg (Quadratic Regression). This will find a quadratic, or curved, line that may sometimes fit the data better. Find the quadratic regression line on the same set of data. It will be in the form y = ax2+bx+c. Round a, b, and c to 3 or 4 decimal places. 9. Now, using the quadratic model, predict what the price of gas will be in the year 2020. 10. What are the r and r² values for the quadratic model? Do you think the linear or the quadratic model is a better fit, and why? (Hint: The calculator will not give you r directly, you must take the square root of r² to find it.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 9 steps with 16 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS