Oil Quality and Price

question 46

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:




-{Oil Quality and Price Narrative} Which interval in the previous two questions is narrower: the confidence interval estimate of the expected value of y or the prediction interval for the same given value of x (10 years)and same confidence level? Why?

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Definitions:

System

A coherent set of interrelated components or elements functioning together to achieve a specific purpose or objective.

Organs

Structures in organisms composed of different tissues performing specific functions essential for life.

Tissues

Groups of similar cells that perform specific functions in an organism.

Dominant Gene

A gene that expresses its phenotypic effect even when heterozygous with a recessive gene, therefore overriding recessive gene characteristics.