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Calculation of future gas prices using linear regression





Calculate the mean yearly value using the average gas prices by month found in the “Final Project Data Set.”

Using the years as your x-axis and the annual mean as your y-axis, create a
scatterplot and a linear regression line.

Answer the following questions using your scatterplot and linear regression line:
1. What is the slope of the linear regression line?
2. What is the Y-intercept of the linear regression line?
3. What is the equation of the linear regression line in slope-intercept form?
4. Based on the linear regression line, what would be an estimated cost of gas in the year 2020?
5. What are the residuals of each year?
6. Select a current price that you have seen or paid recently for gas. Is that price within the range of the linear regression line or is it an outlier? Is it within the confidence interval of 5% or either end?



About the Solutions
Within the solution files, the following targets were met:

The mean yearly value is correctly calculated using the average gas prices by month found in the “Final Project Data Set” and all work is shown.

A scatterplot and linear regression line is included, using the years as the x-axis and annual mean as the y-axis.

The slope of the linear regression line is correctly calculated and all work is shown.

The Y-intercept of the linear regression line is correctly given and all work is shown.

The equation of the linear regression line in slope-intercept form is correctly given and all work is shown.

The cost of gas in the year 2020 is correctly estimated based on the linear regression line and all work is shown.

The residuals of each year are correctly calculated and all work is shown.

A recent gas price is correctly determined to be either within the range of the linear regression line or an outlier and all work is shown.


Other Details about the Project/Assignment
Subjects: Mathematics -> Statistics
Topic: linear regression
Level: College / University
Tags:

linear regression, statistics, scatter plot, slope intercept


Price$4.95
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Frederick Burke
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Project Details
Subjects: Mathematics -> Statistics
Topic: linear regression
Level: College / University
Tags:

linear regression, statistics, scatter plot, slope intercept


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