Question: For a data set including the 50 states and the District of Columbia, consider the relationship between the dependent variable (FUELCON - per capita fuel

For a data set including the 50 states and the District of Columbia, consider the relationship between the dependent variable (FUELCON - per capita fuel consumption in gallons) and independent variables (DRIVERS - ratio of licensed drivers to private and commercial motor vehicles registered, HWYMILES - number of miles of federally funded highways, GASTAX - tax per gallon of gasoline in cents, and INCOME - average household income in dollars). Use the results provided for this regression to answer the following questions:

a. What is the estimated regression equation?

b. Conduct the F test for overall fit of the regression at the 1% level of significance. Show the results of the hypothesis tested and explain your decision.

c. Explain the GASTAX coefficient in the context of this regression.

d. Are there any unnecessary variables included in the regression? Explain.

e. In your professional opinion, are there other x variables that have been omitted from the regression that might be useful in explaining more of the variation in FUELCON? Defend at least one x variable you would propose including in the regression.

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