Statistics for Managers

1. Calculate the mean gradely value development the fairish gas prices by month found in the utmost Project Data Set. Answer: See Annual cogitate column in the excel file 2. Using the years as your x-axis and the annual mean as your y-axis, create a scatterplot and a bi bilinear throwback line. Answer: See the plot at the bottom in the excel file 3. Answer the following questions using your scatterplot and linear fixation line: o What is the slope of the linear regression line? Answer: 0.0559 o What is the Y-intercept of the linear regression line? Answer: -110.1612 o What is the equation of the linear regression line in slope-intercept form? Answer: Y = 0.0559x-110.1612 o Based on the linear regression line, what would be an estimated embody of gas in the year 2020? Solution: If x = 2020 thence y = 0.0559(2020)-110.1612 = 2.6568 Answer: $2.6568 o What are the residuals of each year?

Answer: See column residuals in the excel file o Select a current price that you have seen or paid recently for gas. Price selected: $3.75 Is that price in spite of appearance the lay out of the linear regression line or is it an outlier? Solution: looking for at the Annual Mean values the range of the linear regression line is [0.927,3.266] so the price $3.75 is an outlier Answer: $3.75 is an outlier Is it within the confidence interval of 5% or either finish? Sorry, I am not sure about this part If you rouse search, scan and send the formula or an example to come on this kind of confidence interval I can help. Thanks Steve If you pauperism to get a full essay, order it on our website: Orderessay

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