One gas station not included in the table below had a listed price of $2.78 for regular
Question:
One gas station not included in the table below had a listed price of $2.78 for regular gas. Find the best predicted price of premium gas at this station. Is the result close to the actual price of $2.93 for premium gas?
Find the regression equation using α = 0.05, letting the first variable be the predictor (x) variable. Find the indicated predicted value by following the prediction procedure summarized in Figure.
Transcribed Image Text:
Regular Mid-Grade 3.00 277 2.89 2.93 2.93 2.96 2.86 2.91 Premium 2.77 2.79 2.8 2.78 2.86 2.75 2.77 3.07 3.09 3.00 3.06 3.03 3.06 3.023.03 Strategy for Predicting Values of y Is the regression equation a good model? The regression line graphed in the scatterplot shows that the line fits the points well . rindicates that there is a linear correlation. . The prediction is not much beyond the scope of the available sample data Yes. The regression equation is a good model No. The regression equation is not a good model. Substitute the given value of xinto the regression Regardless of the value of the best predicted value of y is the value of y (the mean of the yvalues) equation bothix
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
y 257 0172 x The regression line does not fit the data well so the best predict...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Statistics questions
-
The data in the table below represent warehouse club and superstore sales in the United States on a monthly basis. a. Prepare a time-series plot of the data, and visually inspect that plot to...
-
The results in the table below are from experiments conducted by researchers Charles R. Honts (Boise State University) and Gordon H. Barland (Department of Defense Polygraph Institute). In each case,...
-
The values in the table below are measured maximum breadths (in millimeters) of male Egyptian skulls from different epochs (based on data from Ancient Races of the Thebaid, by Thomson and...
-
The IQ and VIQ are tools insurance producers use to learn more about internal assumptions regarding factors that ultimately control policy performance. They have information in all of the following...
-
Assume K = $40, = 30%, r = 0.08, T = 0.5, and the stock is to pay a single dividend of $2 tomorrow, with no dividends thereafter. a. Suppose S = $50. What is the price of a European call option?...
-
Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of...
-
You currently owe $\$ 18,000$ on a car loan at $9.5 \%$ interest. If you make monthly payments of $\$ 576.59$ per month, how long will it take you to fully repay the loan?
-
Abbey Park was organized on April 1, 2016, by Trudy Crawford. Trudy is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper Trudy prepared the following...
-
Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable...
-
Use discriminant analysis to classify the new data in the Excel file Credit Approval Decisions Coded using only credit score and years of credit history as input variables.
-
Find the best predicted temperature at a time when a cricket chirps 3000 times in 1 minute. What is wrong with this predicted value? Find the regression equation using = 0.05, letting the first...
-
Using the data from the preceding exercise, find the best predicted price for mid-grade gas for a station that posted $2.78 as the price of regular gas. Is the result close to the actual price of...
-
In Exercises 1315, write each equation in its equivalent exponential form. 3= log4 x
-
Police officer Katy obtains a confession from criminal suspect Bart after an illegal arrest. At Barts trial, the confession will likely be a. admitted as proof of Barts guilt. b. admitted as evidence...
-
Malina agrees to supervise a construction project for Al for a certain fee. In mid-project, without an excuse, Malina removes the plans from the site and refuses to continue. Al promises to increase...
-
Kanna is adjudged mentally incompetent. Irwin is appointed to act as Kannas guardian. Irwin signs a contract to sell some of Kannas property to pay for Kannas care. On regaining competency, Kanna a....
-
Green Energy Company files a suit against First Bank, claiming that the consideration for a contract between them was inadequate. The court likely will not evaluate the adequacy of consideration...
-
Damba offers to buy a book owned by Lee for $40. Lee accepts and hands the book to Damba. The transfer and delivery of the book constitutes performance. Is this performance consideration for Dambas...
-
Identify applications of robots in agriculture.
-
Do animals have rights? If so, what are they? What duties do human beings have toward animals? Does KFC protect animal welfare at an acceptable level?
-
Based on data from the National Health and Nutrition Examination Survey, assume that weights of men are normally distributed with a mean of 172 lb and a standard deviation of 29 lb. a. Find the...
-
Samples of size n = 1000 are randomly selected from the population of the last digits of telephone numbers, and the proportion of even numbers is found for each sample. What is the distribution of...
-
Probability that the number of students who are absent is exactly 4 The given values are discrete. Use the continuity correction and describe the region of the normal distribution that corresponds to...
-
A large tanker truck filled with Soap is stopped at a red light. When the light turns green, the truck accelerates uniformly to 25 m/s in 11 s. The combined mass of the tanker truck and its valuable...
-
As shown in the figure below, a string attached to a vertical wall passes over a pulley at the end of a horizontal rod, and supports a sphere. The horizontal rod has a length L = 0.200 m, the mass of...
-
At time t = 0 an elevator starts moving upward from the ground at a constant speed vo. At a later time t = T = 4.12s a marble is "let go" through the floor. In other words, imagine a marble resting...
Study smarter with the SolutionInn App