BUS 308 Week 5 Final Part I
1.Calculate the mean yearly value using the average gas prices by month found in the”Final Project Data Set”.
2.Using the years as your x-axis and the annual mean as your y-axis, create a scatterplotand a linear regression line.
3.Answer the following questions using your scatterplot and linear regression line:
- What is the slope of the linear regression line?
- What is the Y-intercept of the linear regression line?
- What is the equation of the linear regression line, in slope-intercept form?* Based on the linear regression line,
- what would be an estimated cost of gas in the year2020?
- What are the residuals of each year?
- Select a current price that you have seen or paid recently for gas. Is that price within therange of the linear regression line or is it an outlier?
- Is it within the confidence interval of5% or either end?