Question

The table gives the approximate economic value associated with various levels of oil recovery in a U.S. state.

Percent Recovery (%)	10	40	50	80
Economic Value ($ billions)	1000	1700	1800	2800

Find the regression line.

d(r) =_________

Use the regression line to estimate the economic value associated with a recovery level of 60%.
$ ___________ billion

Answer 1

We can use here Excel for regression equation

Step 1) Enter data in Excel .

Step 2) Data >>Data analysis >>Regression >>Select y and x values separately >>Ok

Regression equation is,

d(r) = 25.4x+682

Substitute x=60 in above regression equation

=> d(r) = 25.4(60)+682

=2206

Therefore, $ 2206 billion