Macroeconomics 11th Edition by Michael Parkin

Exercise 12

Use the following spreadsheet to work Problem. The spreadsheet provides data on oil and gaso­line: Column A is the year, column B is the price of oil (dollars per barrel), column C is the price of gaso­line (cents per gallon), column D is U.S. oil produc­tion, and column E is the U.S. quantity of gasoline refined (both in millions of barrels per day).

Draw a scatter diagram of the price of gasoline and the quantity of gasoline refined. Describe the relationship.