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Consider the following results of a multiple regression model of dollar price of unleaded gas (dependent variable) and a set of independent variables: price of crude oil, value of S&P500, price U.S. Dollars against Euros, personal disposal income (in million of dollars) : Coefficient t-statistics Intercept 0.5871 68.90 Crude Oil 0.0651 32.89 S&P 500 -0.0020 18.09 Price of $ -0.0415 14.20 PDI 0.0001 17.32 R-Square = 97% What is the interpretation of R-Square? 97% of the movement in unleaded gas price can be explained by this forecasting model. the sum of squared residuals is close to 97%. 97% of the movement in unleaded gas price can be explained by changes in crude oil prices. 97% of the time this forecasting model will correctly predict the price of unleaded gas. 5 points Save Answer

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