The table shows the amounts of crude oil (in thousands of barrels per day) produ

Question

The table shows the amounts of crude oil (in thousands of barrels per day) produced by a certain countryand the amounts of crude oil (in thousands of barrels per day) imported by the same country for seven years. The equation of the regression ine isy -1.2T8x 16709.39. Complete parts (a) and (b)below. 5.789 5.676 5.551 5.387 5.240 5.156 5.038 9.313 9,190 9.694 10,091 10,166 10.144 10.010 Imported, y (a) Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.) How can the coefficient of determination be interpreted? The fraction of the variation in the amount of that can be explained by the variation in the amount of The remaining fraction of the variation is unexplained and is due to other factors or to sampling error. (b) Find the standard error of estimate se andinterpret the result se thousands of barrels per day (Round to three decimal places as needed.) Enter your answer in each of the answer boxes.

Explanation / Answer

From Excel

The regression eq is

y= 16709.39 - 1.28(x)

a) Coefficient of determination is R2 = 0.761

76% of variation in y is explained by the regression model

b) Standard error= 218.932

SUMMARY OUTPUT Regression Statistics Multiple R 0.872192 R Square 0.760719 Adjusted R Square 0.712863 Standard Error 218.9321 Observations 7 ANOVA df SS MS F Significance F Regression 1 761912.5 761912.5 15.89594 0.010458 Residual 5 239656.4 47931.28 Total 6 1001569 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 16709.39 1734.681 9.632544 0.000205 12250.25 21168.53 12250.25 21168.53 x -1.27805 0.320558 -3.98697 0.010458 -2.10207 -0.45403 -2.10207 -0.45403

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