Consider the retail price of regular gasoline at selected locations and times shown in Table 11.3.12.
a. How strong is the association between prices in 2010 and prices a year earlier? Please give both a number and its interpretation in words.
b. Find the regression equation to predict the later from the earlier prices.
c. Find the residual value for Florida (predicting later from earlier prices).
d. Find the 95% confidence interval for the slope coefficient.
e. Is the slope coefficient significantly different from 0? How do you know?
FIGURE 11.3.1

FIGURE 11.3.2

FIGURE 11.3.3

FIGURE 11.3.4

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TABLE 11.3.12 Gasoline Prices Location Price on 7/21/2010 Floida2.647 Minnesota 2.670 Nebraska 2.765 Ohio Texas Price Year Before 2491 2.311 2.388 2.311 2.305 2.705 2.557