Question

Gas Price depends on Crude oil price. A sample data is given below. Find the fitted regression model to estimate Gas Price from given Crude oil Price. Crude oil Price (in $) 30 45 53 62 88 Gas Price (in $) 1.4 2.6 3.0 3.2 3.5 Question 7 options: CrudeOilPrice= 0.0336+ 0.8716*GasPrice GasPrice= 0.8716+0.0336*CrudeOilPrice CrudeOilPrice= 0.8716 + 0.0336*GasPrice GasPrice= 0.0336+ 0.8716*CrudeOilPrice CrudeOilPrice= 1.716 + 0.16*GasPrice

Answer 1

The statistical software output for this problem is:

Hence,

Regression equation is:

GasPrice= 0.8716+0.0336*CrudeOilPrice

Option B is correct.