Oil Quality and Price
Quality of oil is measured in API gravity degrees--the higher the degrees API, the higher the quality. The table shown below is 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:

-{Oil Quality and Price Narrative} Determine the standard error of estimate and describe what this statistic tells you.

Question

Oil Quality and Price
Quality of oil is measured in API gravity degrees--the higher the degrees API, the higher the quality. The table shown below is 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:

-{Oil Quality and Price Narrative} Determine the standard error of estimate and describe what this statistic tells you.

Quizplus · Accepted Answer

The Answer of Oil Quality and Price
Quality of oil is measured in API gravity degrees--the higher the degrees API, the higher the quality. The table shown below is 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:

-{Oil Quality and Price Narrative} Determine the standard error of estimate and describe what this statistic tells you.