Compute mean yearly value using average gas prices by month, Ask an Expert

Statistics

Compute mean yearly value using average gas prices by month found in "Final Project Data Set."
Using years as your x-axis and annual mean as your y-axis, design scatterplot and linear regression line.

Reply the following questions using scatterplot and linear regression line:
Determine slope of the linear regression line?
Determine the Y-intercept of the linear regression line?
Find the equation of linear regression line in slope-intercept form?
Based on linear regression line, what would be the estimated cost of gas in year 2020?
Write down the residuals of each year?

Choose the current price which you have seen or paid recently for gas. Is that price in range of linear regression line or is it an outlier? Is it within confidence interval of 5% or either end?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9378971

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