Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown below for a random selection of weeks in 2015 Oil (S) 54.77 47.27 46.70 77.96 47.05 82.92 Gasoline ($) 2.543 2.366 2.639 3.059 2.412 2.958 Send data to Excel The correlation coefficient for the data is r= 0.919 and a =0.01. Should regression analysis be done? O The regression analysis should not be done. O O The regression analysis should be done. Find the equation of the regression line. Round the coefficients to at least three decimal places. y' a+bx a = b = Find the cost of gasoline when oil is $64 a barrel. Round the answer to at least three decimal places. When oil is $64 a barrel, gas costs$ per gallon.

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Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown below for a random selection of weeks in 2015.
Oil ($)
54.77 47.27 46.70 77.96 47.05 82.92
Gasoline ($)
2.543 2.366 2.639 3.059 2.412 2.958
Send data to Excel
The correlation coefficient for the data is r= 0.919 and a= 0.01. Should regression analysis be done?
O The regression analysis should not be done. O
O The regression analysis should be done.
Find the equation of the regression line. Round the coefficients to at least three decimal places.
y'=a+bx
a =
b =
Find the cost of gasoline when oil is $64 a barrel. Round the answer to at least three decimal places.
When oil is $64 a barrel, gas costs$
per gallon.
Transcribed Image Text:Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown below for a random selection of weeks in 2015. Oil ($) 54.77 47.27 46.70 77.96 47.05 82.92 Gasoline ($) 2.543 2.366 2.639 3.059 2.412 2.958 Send data to Excel The correlation coefficient for the data is r= 0.919 and a= 0.01. Should regression analysis be done? O The regression analysis should not be done. O O The regression analysis should be done. Find the equation of the regression line. Round the coefficients to at least three decimal places. y'=a+bx a = b = Find the cost of gasoline when oil is $64 a barrel. Round the answer to at least three decimal places. When oil is $64 a barrel, gas costs$ per gallon.
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