Question #3: The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown for a random selection of weeks in 2015. Oil ($) 51.91 60.65 59.56 52.86 45.12 44.21 Gasoline ($) 1.97 1.96 2.06 2.04 2.00 1.99 1. Is there a relationship between "oil price" and "gasoline price"? (Interpretation- Strength & Direction) nExy – (Ex)(Ey) /nEx² – (Ex)² Vn£y² - (Ey)² r = 2. Is the relationship significant at a = 0.05? (Interpretation) п - 2 t = r 1- r² 3. Predict ŷ, given x = 30 (Interpretation & Linear Plot) ΣΥΣx?-Σx Σ xv η ΣxΣ x) ηΣ xy-Σ x) (Σ ) η Σx2-(Σx)2 a = (intercept) ŷ = a + bx b = (slope)

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Question #3: The average gasoline price per gallon (in cities) and the cost of a barrel of oil are
shown for a random selection of weeks in 2015.
Oil ($)
51.91 | 60.65 59.56 52.86 45.12 | 44.21
Gasoline ($) 1.97
1.96
2.06
2.04
2.00
1.99
1. Is there a relationship between "oil price" and "gasoline price"? (Interpretation-
Strength & Direction)
nExy – (Ex)(Ey)
VNEײ – (Ex)² /nE y² – (Ey)²
r =
2. Is the relationship significant at a = 0.05? (Interpretation)
п — 2
t = r
1- r2
3. Predict î, given x = 30 (Interpretation & Linear Plot)
ΣνΣx?-ΣxΣ xv
ηΣχ2Σ x)2
nExy – (Ex)(Ey)
a =
(intercept)
ŷ = a + bx
b =
(slope)
η Σ x2 -
(Ex)2
Transcribed Image Text:Question #3: The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown for a random selection of weeks in 2015. Oil ($) 51.91 | 60.65 59.56 52.86 45.12 | 44.21 Gasoline ($) 1.97 1.96 2.06 2.04 2.00 1.99 1. Is there a relationship between "oil price" and "gasoline price"? (Interpretation- Strength & Direction) nExy – (Ex)(Ey) VNEײ – (Ex)² /nE y² – (Ey)² r = 2. Is the relationship significant at a = 0.05? (Interpretation) п — 2 t = r 1- r2 3. Predict î, given x = 30 (Interpretation & Linear Plot) ΣνΣx?-ΣxΣ xv ηΣχ2Σ x)2 nExy – (Ex)(Ey) a = (intercept) ŷ = a + bx b = (slope) η Σ x2 - (Ex)2
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