Oil Quality and Price

question 115

Essay

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: Descriptive Statistics Variable N Mean StDev SE Mean Degrees 13 34.60 4.613 1.280 Price 13 12.730 0.457 0.127 Covariances Degrees Price Degrees 21.281667 Price 2.026750 0.208833 Regression Analysis Predictor Coef StDev T P Constant 9.4349 0.2867 32.91 0.000 Degrees 0.095235 0.008220 11.59 0.000 S = 0.1314 R−Sq = 92.46% R−Sq(adj)= 91.7% Analysis of Variance Source DF SS MS F P Regression 1 2.3162 2.3162 134.24 0.000 Residual Error 11 0.1898 0.0173 Total 12 2.5060
-{Oil Quality and Price Narrative} Identify possible outliers.

---

Definitions:

Increased

Describes something that has become larger or greater in size, amount, or degree.

National Origins

Refers to the country or countries that people originate from, often considered in the context of immigration and demographic statistics.

Quota System

A policy or practice of limiting the number of people from certain groups who can do something, such as immigrate to a country, attend a school, or be employed in certain jobs.

Immigrants

Individuals who move from one country to another with the intention of settling or residing there.