UESTION THREE Energy consumption is claimed to be a good predictor of Gross National Product. An economist recorded the energy consumption ( ) x and the Gross National Product ( ) y for eight countries. The data are shown in the table below: Energy Consumption ( ) x 3.4 7.7 12.0 75 58 67 113 131 Gross National Product ( ) y 55 240 390 1100 1390 1330 1400 1900 i. Find the least squares equation for the data. ii. Estimate the Gross National Product, y , of a country that has an energy consumption of 100. iii. Estimate the energy consumption of a country that has a Gross National Product of 3500.
QUESTION THREE
Energy consumption is claimed to be a good predictor of Gross National Product. An economist recorded the energy consumption ( ) x and the Gross National Product ( ) y for eight countries. The data are shown in the table below:
Energy Consumption ( ) x 3.4 7.7 12.0 75 58 67 113 131
Gross National Product ( ) y 55 240 390 1100 1390 1330 1400 1900
i.
Find the least squares equation for the data.
ii.
Estimate the Gross National Product, y , of a country that has an energy consumption of 100.
iii.
Estimate the energy consumption of a country that has a Gross National Product of 3500.
Step by step
Solved in 2 steps
