Question

The following display from a graphing calculator presents the least-squares regression line for predicting the price of a certain commodity (y) from the price of a barrel of oil (x).

Y = a + bx
a = 4.95
b = 0.29
r2 = 0.53045
r = 0.72832
Predict the commodity price when oil costs $107 per barrel.

Answer 1

35.98

Explanation:

Fill in the numbers and do the arithmetic.

y = a + bx . . . . . . a=4.95, b=0.29, x=107

y = 4.95 + 0.29(107) = 35.98

The predicted price is 35.98.