The table below shows the amounts of crude oil (in thousands of barrels per day)
ID: 3201225 • Letter: T
Question
The table below shows the amounts of crude oil (in thousands of barrels per day) produced by a country and the amounts of crude oil (in thousands of barrels per day) imported by a country, for the last seven years. Construct and interpret a 95 % prediction interval for the amount of crude oil imported by the this country when the amount of crude oil produced by the country is 5 comma 521 thousand barrels per day. The equation of the regression line is ModifyingAbove y with caret = -1.126x + 15,875.321 . Oil produced, x 5, 800 5 ,721 5 ,656 5, 443 5,151 5,083 5, 041 Oil imported, y 9,325 9,114 9,668 10, 058 10,134 10,138 10,016 Construct and interpret a 95 % prediction interval for the amount of crude oil imported when the amount of crude oil produced by the country is 5,521 thousand barrels per day. Select the correct choice below and fill in the answer boxes to complete your choice. (Round to the nearest cent as needed.) A. We can be 95 % confident that when the amount of oil produced is 5,521 thousand barrels, the amount of oil imported will be between nothing and nothing . B. There is a 95 % chance that the predicted amount of oil imported is between nothing and nothing thousand barrels, when there are 5 comma 521 thousand barrels produced.
Explanation / Answer
We get the equation line to be -1.126x+15875.32.
If we put the value of x to be 5521, we get the amount to be -1.126(5521)+15875.32=9658.674
The correct answer would be A) We can be 95 % confident that when the amount of oil produced is 5,521 thousand barrels, the amount of oil imported will be between nothing and nothing We can be 95 % confident that when the amount of oil produced is 5,521 thousand barrels, the amount of oil imported will be between nothing and nothing .
SUMMARY OUTPUT Regression Statistics Multiple R 0.865865 R Square 0.749722 Adjusted R Square 0.699667 Standard Error 229.21 Observations 7 ANOVA df SS MS F Significance F Regression 1 786891.9 786891.9 14.9778 0.011759 Residual 5 262686.1 52537.21 Total 6 1049578 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 15875.32 1577.61 10.06289 0.000166 11819.95 19930.7 11819.95 19930.7 Oil Produced -1.12612 0.290978 -3.87012 0.011759 -1.8741 -0.37814 -1.8741 -0.37814Related Questions
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