BUS 308 Week 5 Final Statistics for Managers
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:
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 year 2020?
What are the residuals of each year?
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?
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