The Quality of Oil Is Measured in API Gravity Degrees

question 143

Essay

The 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. $$\begin{array} { | c | c | } \hline \text { Oil degrees API } & \text { Price per barrel (in } \$ \text { ) } \\\hline 27.0 & 12.02 \\\hline 28.5 & 12.04 \\\hline 30.8 & 12.32 \\\hline 31.3 & 12.27 \\\hline 31.9 & 12.49 \\\hline 34.5 & 12.70 \\\hline 34.0 & 12.80 \\\hline 34.7 & 13.00 \\\hline 37.0 & 13.00 \\\hline 41.0 & 13.17 \\\hline 41.0 & 13.19 \\\hline 38.8 & 13.22 \\\hline 39.3 & 13.27 \\\hline\end{array}$$ A partial Minitab output follows.
Descriptive Statistics $$\begin{array} { | l | r | r | r | r | } \hline \text { Variable } & \mathrm { N } & \text { Mean } & \text { StDev } & \text { SE Mean } \\\hline \text { Degrees } & 13 & 34.60 & 4.613 & 1.280 \\\hline \text { Frice } & 13 & 12.730 & 0.457 & 0.127 \\\hline\end{array}$$ Covariances $$\begin{array} { | l | r | r | } \hline & \text { Degrees } & \text { Price } \\\hline \text { Degrees } & 21.281667 & \\\hline \text { Price } & 2.026750 & 0.208833 \\\hline\end{array}$$ Regression Analysis $$\begin{array} { | l | r | r | r | r | } \hline \text { Predictor } & \text { Coef } & \text { StDev } & \mathrm { T } & \mathrm { P } \\\hline \text { Constant } & 9.4349 & 0.2867 & 32.91 & 0.000 \\\hline \text { Degrees } & 0.095235 & 0.008220 & 11.59 & 0.000 \\\hline\end{array}$$ S = 0.1314 R-Sq = 92.46% R-Sq(adj) = 91.7%
Analysis of Variance $$\begin{array} { | l | r | r | r | r | r | } \hline \text { Source } & \text { DF } & \text { SS } & \text { MS } & \text { F } & \text { P } \\\hline \text { Regression } & 1 & 2.3162 & 2.3162 & 134.24 & 0.000 \\\hline \text { Residual Error } & 11 & 0.1898 & 0.0173 & & \\\hline \text { Total } & 12 & 2.5060 & & & \\\hline\end{array}$$ Conduct a test of the population slope to determine at the 5% significance level whether a linear relationship exists between the quality of oil and price per barrel.

Understand the factors that reflect and influence organizational culture.

Acknowledge the role of leadership in the face of crises and the importance of a proactive, transparent response.

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Understand the Type A and Type B behavior patterns and their impact on health.

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Definitions:

Contests

A promotional strategy involving prize giveaways where participants compete by performing a task under specified conditions.

Equal Value

The principle that two different items, services, or amounts have the same worth or importance.

Men's Store

A retail shop specializing in clothing and accessories for men.

Deal

An agreement typically involving the sale or purchase of goods or services at a specified price.