Oil Quality and Price Narrative
Quality of oil is measured in API gravity degrees; the higher the degrees API, the higher the quality. The table shown below was produced by an expert in the field who believes that there is a relationship between quality and price per barrel. A partial MINITAB output follows:
Descriptive Statistics Covariances
Degrees Price
Degrees 21.281667
Price 2.026750 0.208833
Regression Analysis S = 0.1314 R-Sq = 92.46% R-Sq(adj) = 91.7%
Analysis of Variance
-Refer to Oil Quality and Price Narrative. Use the equation to determine the predicted values of y.

Question

Oil Quality and Price Narrative
Quality of oil is measured in API gravity degrees; the higher the degrees API, the higher the quality. The table shown below was produced by an expert in the field who believes that there is a relationship between quality and price per barrel.  A partial MINITAB output follows:
Descriptive Statistics  Covariances
Degrees Price
Degrees 21.281667
Price 2.026750 0.208833
Regression Analysis  S = 0.1314 R-Sq = 92.46% R-Sq(adj) = 91.7%
Analysis of Variance 
-Refer to Oil Quality and Price Narrative. Use the equation  to determine the predicted values of y.

Quizplus · Accepted Answer

The Answer of Oil Quality and Price Narrative
Quality of oil is measured in API gravity degrees; the higher the degrees API, the higher the quality. The table shown below was produced by an expert in the field who believes that there is a relationship between quality and price per barrel.  A partial MINITAB output follows:
Descriptive Statistics  Covariances
Degrees Price
Degrees 21.281667
Price 2.026750 0.208833
Regression Analysis  S = 0.1314 R-Sq = 92.46% R-Sq(adj) = 91.7%
Analysis of Variance 
-Refer to Oil Quality and Price Narrative. Use the equation  to determine the predicted values of y.